Ethereum plummets to 14-month low, $521m. ‘liquidated’

Hundreds of thousands of crypto traders are getting their positions liquidated as Ethereum (ETH) and the rest of the digital asset markets witness another large sell-off event.

Data from cryptocurrency futures trading and information site Coinglass shows that more than $521 million worth of crypto positions have been obliterated in the last 24 hours.

Traders who were betting on a relief rally suffered the brunt of the sell-off as over $443 million worth of long positions were wiped out over the past day. The volatility also didn’t spare traders who were expecting further downside as $86 million worth of short positions were decimated in the same timeframe.

As bears take control of the crypto markets, Coinglass reveals that Ethereum traders witnessed heavy losses between 11 and 12 June to the tune of 168 000 ETH worth nearly $245 million.

At time of writing, Ethereum is changing hands for $1 459, down over 12% in the last 24 hours. Ethereum nosedived to $1 425 today, marking a 14th-month low for the leading smart contract platform.

At the heels of ETH is Bitcoin (BTC). Data from Coinglass shows that Bitcoin traders lost over 4 100 BTC worth $112.47 million in the past day.

BTC was trading for $27 486 at time of writing, down over 6% in a 24-hour timeframe.

All in all, Coinglass reports that 180 389 crypto traders were liquidated in just 24 hours.

ALSO READ: Bitcoin bounces back: Fintech giant predicts ‘massive Q4’