ETH price surge to monthly high causes over $150 million to liquidate Ethereum positions
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Answer ETH price surge to monthly high causes over $150 million to liquidate Ethereum positions
The price of Ethereum exploded in the last hours, reaching an intraday high at around $1,420.
This happens a day after the developers confirmed that the Ethereum 2.0 upgrade is on the right track and is expected to be in place in September.
According to Coinglass data, the past four hours have seen over $150 million liquidated from Ethereum positions.
The largest single liquidation order occurred on FTX, and the liquidated position was valued at $2.81 million.
It goes without saying that the majority of the positions that were liquidated were short positions, that is, they bet on the decline and fall in the price of Ethereum.
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The liquidation took place on the back of the ETH price exploding by 7% in an hourly candle, as the price of ETH surged to $1,422 on Binance.
The volume on that candle was more than 300 million dollars.
The last time Ethereum traded at these prices was on June 13, which means that the cryptocurrency hit a monthly high.
The price of Ethereum has increased by over 13% in the past 24 hours and 40% in the past 48 hours.
It is worth noting that the increase comes a day after the developers confirmed the commitment to the deadline for the upcoming upgrade.
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The market capitalization of the cryptocurrency market is approaching $1 trillion after the price of most currencies, led by Bitcoin and Ethereum, rose
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