$230M ETH Positions Liquidated in a Day as Ethereum Plunges Below $1.6K

Ethereum is among the most substantial loser on a daily scale, as the asset plummeted to its lowest position in over a year. Naturally, this has caused mass pain for some traders, as the ETH liquidated positions are over $200 million on a 24-hour scale.

After the relatively positive trading week, bitcoin and the rest of the market headed south hard yesterday, perhaps fueled by the record-setting US inflation numbers (YoY increase of 8.6%).
BTC went from above $30,000 to below $29,000 rather quickly, but most of the altcoins suffered more.
Solana, Avalanche, Polkadot, and MATIC have lost close to 10% in a day. Dogecoin, Shiba Inu, Ripple, and Cardano are also deep in the red. The total market cap is down by over $80 billion in a day to $1.150 trillion.
Ethereum has lost over 10% on a daily scale. The second-largest cryptocurrency plummeted below $1,600 to its lowest price tag since March 2021.
Somewhat expectedly, the liquidations in regards to ETH skyrocketed. On a 24-hour scale, they have soared to around $230 million.
The overall liquidations are close to $400 million, meaning that those related to ETH positions account for more than half of all.
In the past 24 hours, over 100,000 traders have seen their position wrecked.
Cryptocurrency Market Overview. Source: Quantify Crypto

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