ether ETH/USD is down 10% in the past 24 hours, prompting cascading liquidations for traders who have long been on the second largest cryptocurrency by market cap.
What happened: Ethereum saw $174 million worth of liquidations on Sept. 15 as the asset’s price fell to an intraday low of $1,466, according to data from Thursday coin jar.
The majority of ETH traders were long ETH and saw the most pain when the asset traded lower thereafter highly anticipated merger to a Proof-of-Stake (PoS) network.
See also: WHY IS THE ETHERUM MERGER IMPORTANT?
More than $122 million in ETH longs were liquidated, while ETH shorts saw a comparatively smaller $47 million worth of liquidations.
Bitcoin BTC/USD was the second most liquidated asset with $39 million in liquidations, followed by Ethereum classic ETC/USD witnessed $24 million worth of liquidations.
The native token of the Celsius network CEL/USD also saw a higher than normal amount of liquidations, totaling $5.96 million over the last day.
CEL unexpected recovered by 66% an hour after Ethereum merged, prompting market participants like Ethereum’s creator to do so Vitalik Buterin to joke that the coin was “converted to Fahrenheit”.
A total of 82,900 traders have been liquidated from the cryptocurrency markets, with daily liquidations topping $296 million at the time of writing.
Price promotion: At press time, ETH is trading at $1,470, down 10% over the past 24 hours, according to data from Gasoline Pro.
