As an experienced analyst in the crypto market, I’ve witnessed firsthand the brutal impact of market downturns on traders and investors alike. The recent Ethereum (ETH) bloodbath is no exception, as many whale investors face the prospect of liquidation due to the intense price slump.
The widespread sell-off in the cryptocurrency market has unexpectedly intensified competition among major Ethereum (ETH) investors to avoid losses. According to data from crypto analysis tool Lookonchain, with prices plummeting dramatically, numerous traders are on the verge of being forced to sell, as the ETH value drops to a 24-hour low of $2,839.82.
Moving against potential liquidation
In the realm of financial markets, the ever-changing nature of market conditions sets it apart. A prevalent practice among traders is to obtain funding through leverage, making them more vulnerable to market swings that can result in either substantial losses or impressive gains.
Amidst the tough market situation, Lookonchain reported that three major investors, referred to as “whales,” deposited around 28,558 ETH, equivalent to approximately $82.2 million, into Binance today. This substantial sum was employed to settle their outstanding debts.
As a crypto investor, I’ve experienced the frustration and disappointment when the market takes an unexpected downturn, leaving little time for reaction and potentially putting my capital at risk. This unfortunate trend was evident just a few weeks ago when Michael Egorov, Founder of Curve Finance, suffered one of the most significant liquidations in the crypto market this year.
In a recent post on Lookonchain regarding X, a trader was unexpectedly forced to pay back 4,215 ETH, which equates to around $12.2 million, following a liquidation event. Yet, it seems this large investor has initiated the process of settling their debt.
Ethereum price outlook
The Ethereum market is experiencing a significant sell-off, as evidenced by the decline in value for leading Ethereum tokens. At present, Ethereum is being traded at $2,864.08, representing a 9.09% decrease in price over the last 24 hours.
The mega coin leading the crypto ecosystem is currently experiencing a slump, causing Shiba Inu (SHIB) and Chainlink (LINK) to drop by 13.32% to $0.00001325 and 13.04% to $11.39 respectively.
Although the ecosystem seems stretched, experts remain hopeful that the coin’s current value represents a temporary dip, and a robust recovery is anticipated in due course.
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2024-07-05 13:18