More than 103,000 traders were liquidated for $364 million over the last 24 hours.
What Happened:Data fromCoinGlassshows that the majority of crypto long traders were liquidated on Tuesday.
BitcoinBTC/USD saw the most liquidations worth $124 million, followed byEthereumETH/USD , which saw $114 million worth of liquidations.
Ethereum ClassicETC/USD also saw a considerable amount of liquidations worth $40 million.
Meme-based cryptocurrencyDogecoinDOGE/USD saw $3.07 million worth of liquidations, putting it in similar territory to altcoinsSolanaSOL/USD andCardanoADA/USD , which witnessed $3.5 million and $3.6 million worth of liquidations, respectively.
See Also:IS DOGECOIN A GOOD BUY?
Most liquidations were recorded on cryptocurrency exchanges OKX, BinanceandFTX.
Expert Take: Crypto market analyst Krisma noted thatcrypto exchangessuspendingETH and ERC-20 depositsbefore The Merge will make it difficult for traders to add assets to their margin positions and avoid liquidations.
All exchanges are suspending ETH, ERC20 deposits – so no quick way to add assets to your margin positions this way
EVM-using chains will be affected: $AVAX $MATIC $OP $BNB and Arbitrum
Solution:
TRON network with stablecoin deposits
Thanks for reading all this, stay safe pic.twitter.com/n2EgHZQoqj Krisma (@KRMA_0) September 6, 2022
Price Action:At the time of writing, ETH was trading at $1,511, down 7.76% in 24 hours as per data fromBenzinga Pro. BTC was trading at $18,710, down 5.38% over the same period.
