In the last 24 hours, the crypto market has seen a surge in liquidations, with traders losing over $100 million on Ethereum. Prices have risen sharply in the recent week, indicating that the market is on the verge of a bull run.
Market data shows that ethereum and bitcoin liquidations have increased significantly in the last 24 hours. Over $100 million in ETH has been liquidated, while about $165 million in bitcoin has been liquidated. These changes are being seen throughout the market, with a total liquidation of $365 million.
Ethereum liquidation in the last 12 hours: Coinglass
Of course, when the market rises, the traders are presumably lamenting the liquidations. As a result of betting against the upward trend, almost 62,500 traders have been forced to liquidate their positions.
Over the last week, the price of bitcoin and the rest of the market has risen, with bitcoin approaching $47,000. Other market indicators, such as the increase of tiny shareholding addresses and asset movement off exchanges, have also hinted to a probable bull run.
Then there’s the reality that a number of favorable events have occurred in the space, particularly for Ethereum. On the Kiln testnet earlier this month, the Merge, which brings the beacon chain to a specific testnet and subsequently mainnet, was successful.
This appears to have aroused the public’s interest, as Google searches for Ethereum Merge have hit new highs. The Google Trends score for the search keyword was 100, which attracted a lot of investors. The price of Ethereum has risen above $3,300, which may attract more traders.
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