The native cryptocurrency Ethereum has fallen by a double-digit percentage, which led to today's massive sell-off.
The total value of liquidated positions on a 24-hour scale is growing again, reaching $ 400 million.
This is happening against the background of the fact that the entire cryptocurrency market has turned red, and ETH is leading after a sharp 10 percent daily drop.
The price of Ethereum has already fluctuated after the long-awaited merger, as it seems that Mark Cuban's prediction that this event will sell news has come true.
The asset was trading around $1,600 last Thursday when the merger finally took place, but after a few hours it began to fall freely.
It started the weekend at around $1,450, but the last 12 hours have brought a lot of pain to the bulls as ETH fell below $1,300 for the first time since mid-July.
The rest of the market is not in the best shape. Bitcoin rose to just over $20,000 yesterday, but the main cryptocurrency has also been hit hard and is now struggling below $19,000.
Cardano, Polkadot, Shiba Inu and Polygon also dropped up to 10% of altcoins with a larger capitalization.
Alternatives with lower and medium capitalization are also suffering greatly: Uniswap, NEAR, Litecoin and Chainlink show double-digit losses.
The total capitalization of the cryptocurrency market is reduced by $60 billion per day to just over $900 billion on CoinMarketCap. These unfavorable price movements preceded this week's expected interest rate hikes by the US and EU central banks.
Given this increased volatility, it is not surprising that the total number of liquidations jumped to just under $400 million on a daily scale. In the last 12 hours alone, they amounted to $300 million.
More than 120,000 traders faced their positions, and BitMEX had the largest liquidation in the amount of $ 10 million.