Ethereum

Million

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A total of $300 million worth of cryptocurrency was liquidated in the past day, causing a major decline on the market. The prices of important assets like <a href="https://u.today/its-over-ethereum-etfs-disappoint-community-with-massive-outflows" rel="noopener noreferrer nofollow">Ethereum</a> have dropped to all-time lows, causing significant harm even though this may not be the biggest liquidation event in <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">history</a>.&nbsp;
For instance, Ethereum has dropped significantly from its recent highs, reaching $3,168. Since the recently released <a href="https://u.today/shiba-inu-shib-things-are-getting-ugly-1-billion-ethereum-eth-etf-launch-doesnt-help-toncoin-ton" rel="noopener noreferrer nofollow">Ethereum</a> ETFs have made institutional active selling possible, one of the main causes of this selling pressure is probably these new offerings.&nbsp; <img alt="ETHUSD" data-entity-type="file" data-entity-uuid="e31ae926-a49f-434d-8d62-980ccbee848d" src="https://u.today/sites/default/files/inline-images/image_1028.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">ETH/USDT Chart by TradingView</a>
For cryptocurrencies, this has led to a difficult environment, especially in light of the general market turmoil. To further aggravate the pressure on financial markets, the stock market's capitalization has dropped by about $1.1 trillion since yesterday. The price decline of 12% that <a href="https://u.today/heres-why-ethereum-didnt-skyrocket-on-etf-launch" rel="noopener noreferrer nofollow">Ethereum</a> has experienced thus far is not shocking, considering the lack of consistent buying that followed the introduction of spot ETFs.
Similar trends have been seen on Bitcoin, which experienced a decline following the introduction of spot ETFs. Ethereum should ideally stay above $3,000 and below $2,900 to sustain market demand and avert further drops.&nbsp;
According to the liquidation heatmap, Ethereum has the most liquidations, followed by <a href="https://u.today/xrp-price-gearing-up-for-triangle-breakout" rel="noopener noreferrer nofollow">XRP</a> and Bitcoin. This suggests that the current volatility of the market is primarily affecting Ethereum. A total of $12.99 million has been liquidated by exchanges, of which $6 million came from Binance and $3 million from OKX.
Investors and traders are keeping a close eye on key levels, given the current state of the market. Ethereum needs to stay above the $3,000 to $2,900 range in order to keep the market stable. Before making any more moves, Bitcoin's performance will also be continuously watched for confirmations of higher lows.

Crypto Market Bloodbath: $300 Million Wiped out as Ether Hits $3,100

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