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Crypto Market Liquidations Exceeded $139 Million Following Ethereum's New ATH

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Tue, 11/02/2021 - 11:51
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Arman Shirinyan
Short positions on the market are being closed following a Bitcoin and Ethereum rally
Crypto Market Liquidations Exceeded $139 Million Following Ethereum's New ATH
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Following Bitcoin and Ethereum's sudden price rally, numerous short positions on the market were liquidated. According to Coinglass, $139 million worth of positions has been liquidated in the last four hours.

Previously, U.Today reported that Ethereum reached the new all-time high of $4,480, which has led to the liquidation of numerous highly leveraged positions. Daily growth on Ethereum now remains at about 4% daily.

Liquidation Coinglass
Source: Coinglass

The highest number of liquidations is tracked on FTX exchange with $100 million. The second place, Binance exchange, provided a $23 million liquidated position. According to the service, 55% of liquidated positions on FTX are shorts. The rate is at 70% for Binance.

The largest liquidation volume is coming from Bitcoin with $84 million worth of positions liquidated. The second-largest symbol is Ethereum, with $40 million worth of positions forcibly closed.

Related
BREAKING: Ethereum Hits New All-Time High of $4,477

Today's series of liquidations is the highest since Oct. 27. But since the trading day is not over, the market might see an increase in liquidated funds if a rally on Bitcoin or Ethereum continues.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.