Liquidations Cross $230 Million As Ethereum Barrels Past $1,400

Ethereum has been in recovery mode since developers announced a possible date for the Merge. Since this date is close, it has sparked a lot of positivity among community members who looking forward to the leading smart contracts platform’s move to proof of stake. This recovery has since triggered a liquidation event that has in no way slowed down as almost 90,000 traders have watched their positions liquidated. Ethereum Liquidations Ramp Up The recent recovery trend has seen the price of Ethereum rise above $1,400 towards a new one month high. In its wake, it has left a trail of blood mostly comprised of the positions of short traders. These traders had been betting against the digital asset’s ability to recover and are suffering now that it has exceeded everyone’s expectations. Related Reading | Bitcoin Price Spends Four Weeks At 2017 Peak Prices, What Comes Next? In the last 24 hours, Ethereum has recorded the largest liquidations of any cryptocurrency. This is because the asset’s recovery has been one of the most prominent in this time period. Data from Coinglass shows that ETH traders have seen more than $230 million in liquidations, the majority of which have been short traders. Liqudations ramp up | Source: Coinglass The crypto market in its entirety is now close to $400 million in liquidations in the last day at the time of this writing. A total of 86,525 traders have been liquidated with the largest single li...