According to the recent data published by Coinglass, crypto liquidations jumped dramatically on 19 September after Bitcoin (BTC) and Ethereum (ETH) dropped below key price levels. In the past 24 hours, ETH has suffered the most as more than $150 million worth of long Ethereum trading positions got liquidated.
Other crypto assets like Bitcoin, Ethereum Classic (ETC), and XRP also witnessed a similar trend. Almost $100 million worth of long BTC trading positions got liquidated in the last 24 hours. In terms of price action, Bitcoin dipped below $18,500 on 19 September, which is the lowest level since June 2022.
Ethereum Merge went live last week with support from the crypto community. However, the digital currency has lost approximately 20% of its value since 'The Merge' on 15 September. In terms of weekly price action, Ethereum has now lost more than 25% of its value in the last seven days.
“Ethereum's merge day has justifiably been the overarching trend, even with its now concluded and relatively drama-free expected outcome. Over the past year, ETH has seen less interest, but this event will propel volatility for the near future,” Santiment noted in a recent Tweet.
Crypto Correction
Since November 2021, the crypto market cap has plunged by more than $2.1 trillion. Amid recent correction, the network activity of Bitcoin and Ethereum has decreased sharply.
According to the latest data from Glassnode, an on-chain analytics platform, ETH’s median transaction volume (7-day moving average) reached the level of $60.04 on Monday, which is the lowest in more than four weeks.
