Ethereum Crashes By 18% Amid $2.3 Billion Crypto Liquidation Storm

Ethereum, the world’s second-largest cryptocurrency, has been on a wild ride lately. In a shocking turn of events, the digital asset saw a whopping $611 million in long and short positions liquidated as its price plummeted to lows of $2,368. But what’s behind this sudden downturn?

A Volatility Storm Brews

According to recent data, Ethereum’s volatility metrics have reached levels not seen since 2021. This means that the cryptocurrency’s price is experiencing massive swings, making it increasingly difficult for investors to predict what’s next. The source indicated that this surge in volatility is a major contributor to the recent liquidation bloodbath.

Ethereum’s price plunged to lows of $2,368 amid soaring volatility, resulting in a staggering $611 million in liquidated positions. As the crypto market continues to fluctuate wildly, investors are left wondering what’s next for the embattled digital asset.

The source explained that when volatility increases, it can lead to a cascade of liquidations as investors scramble to cut their losses. This, in turn, can exacerbate the price drop, creating a vicious cycle that’s difficult to break. In the case of Ethereum, it seems that this perfect storm of volatility and liquidations has resulted in a significant price correction.

As the crypto market continues to navigate these choppy waters, investors are advised to exercise caution and keep a close eye on market developments. With Ethereum’s price still reeling from this recent downturn, it remains to be seen whether the digital asset can recover and regain its footing. One thing is certain, however: the world of cryptocurrency is never dull, and investors must always be prepared for the unexpected.

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Crypto Chaos: Ethereum’s $611 Million Liquidation Bloodbath

Source: 304104 | Decrypt.co

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