Liquidations in the crypto market have exploded in the past 24 hours as Ethereum has seen over $100 million lost by traders. The market appears to be on the verge of a bull run as prices soared in the past week.
Ethereum and bitcoin liquidations have increased significantly over the past 24 hours, as market data shows. Over $100 million in ETH was liquidated, while bitcoin liquidated around $165 million. The market all around is experiencing these moves, with a total liquidation totaling $365 million.
Of course, the traders themselves probably lament the sell-offs as the market goes up. More than 62,500 traders were liquidated from their positions, following bets against the upward move.
The price of bitcoin and the rest of the market has risen over the past week, with bitcoin approaching $47,000. Other market metrics also pointed to potential upside, such as the increase in small farm addresses and the movement of assets off exchanges.
Then there’s the fact that there have been a number of positive developments in the space, especially for Ethereum. The merge, which brings the beacon chain to a particular testnet and eventually to the mainnet, successfully took place on Kiln’s testnet earlier this month.
This seems to have piqued public interest as Ethereum Merge Google searches have reached new heights. The search term received a Google Trends score of 100, which likely attracted a lot of investors. The price of Ethereum is now above $3,300, and this peak could in turn attract more traders.
Vitalik sees challenges for Ethereum and hopes for crypto
Vitalik Buterin, the co-founder of Ethereum and a poster child for the project, was interviewed by Time recently. The interview contained a lot of interesting information, with Vitalik sharing his concerns and hopes for the future of the crypto space.
One of the highlights of the interview was about Ethereum’s gas fee issue, which ETH2 hopes to resolve. vitalic said,
“Fees are a huge issue for Ethereum’s usability, especially for things other than some of the financial apps that have dominated recently.”
He said that sharding is just as important as proof of stake and that it would make all the difference in making Ethereum more scalable. The “full vision” is years away, he says, due to a number of issues that need to be resolved. Overall, the interview shows that the Ethereum co-founder is very optimistic and thinks there is a lot to look forward to.
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