Ethereum Short Traders lost hundreds of millions of dollars on Friday as ETH came within inches above its all-time high price, but ultimately failed to rise on the opportunity.
Over the past 24 hours alone, data from has revealed that ETH short positions over $259 million have been settled. Coinglass. Another $80 million has expired in the long cryptocurrency position, increasing the total ETH liquidation on the last day to more than $340 million.
That figure accounts for more than half of all liquidations across the crypto market in the last 24 hours. The $668 million Northern code derivative was wiped out on the last day. This is a clear signal that all eyes are in ETH, at least for now.
Cryptocurrency is in a Trouble August, but fell after a very inactive year Also This week amidst the uncertainty of the macroeconomics. Then this morning, the long-awaited signal was received from Federal Reserve Chairman Jerome Powell. Reduce interest ratesEthereum and other altcoins have skyrocketed.
Shortly after the announcement, ETH popped nearly 15%, overturning the value of $4,842 in a short time. The token’s previous all-time high price of $4,878 reached its final crypto-bull run peak on November 10, 2021, nearly four years ago.
However, traders were unable to fully drive cryptocurrency at the finish line. After placing a new record price within 1% of Notching, ETH stopped, immersed, and again fell below the 4,800 mark south. The token was traded for $4,773 at the time of writing. ETH prices also approached the record last week before soaking.
Over the past few months, the development of US regulations, particularly suitable for benefiting the Ethereum ecosystem, has made cryptocurrencies more attractive buys, previous analysts say I said Decryption. Furthermore, there was considerable amount of token acquisitions through the Ministry of Corporate Treasury purchases and ETF inflows. deflationary Impact About Toconemics at Ethereum.
“There’s a particularly explosive dynamic happening in ETH,” said Greg Magadini, director of derivatives at Amberdata, in a shared note. Decryption. Magadini favorably compared Ethereum and iPhone, and was similar Growing ecosystems of goods and services built on network smart contracts to Apple’s current unified App Store.
But all of that momentum wasn’t enough to push ETH into unknown price territory. Even if rival tokens continue, the infamous slow-reaction cryptocurrency struggles to surge to new highs break record In an ongoing bull market.
