Ethereum Shorts Lead $391M Crypto Liquidations As Price Rallies 15%

Crypto liquidations topped $392 million over the last 24 hours as the wider market rose 9.5% above $1.06 trillion.

What Happened: According to data from CoinGlassEthereum ETH/USD saw the largest liquidations on Wednesday. ETH recorded $172 million in liquidations, of which $130 million were shorts.

The single largest liquidation order took place on Huobi on an ETH/USD trading pair valued at $2.26 million. 

The largest number of shorts were liquidated over a four-hour period when the crypto asset surged from $1,428 to $1,659. At press time, ETH was trading at $1,643, gaining 15% in the last day, as per data from Benzinga Pro.

Meanwhile, Bitcoin BTC/USD saw $121 million liquidation with short traders seeing the most pain.  BTC was trading at $23,155 at the time of writing, gaining 9.6% over the last 24 hours.

Ethereum Classic ETC/USD recorded $35 million liquidations after gaining 31% over 24 hours. Like the top two cryptocurrencies, traders with ETC-short positions were far worse off. At press time, ETC was trading at $32.95.

“The FOMC decision provided optimism that the end of tightening is in sight and that triggered a nice rally for risky assets that helped elevate cryptos,” said Edward Moya, a senior market analyst with OANDA, in a Wednesday note seen by Benzinga.

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsCrypto liquidationsEthereumEthereum classic
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!