Over $320,000,000 in Bitcoin and Crypto Liquidated in Just 24 Hours, with Ethereum (ETH) Most Affected: Coinglass

New data from intelligence firm CoinGlass shows that $288.22 million worth of digital assets have been liquidated in the past 24 hours as the market faces increased volatility following the Ethereum (ETH) merger update.

According to CoinGlass, Ethereum is most affected by the sell-off, followed by Bitcoin (BTC).

The world’s leading smart contract platform has lost $169.64 million, or more than four times the $38.24 million value of Bitcoin, the largest crypto asset by market capitalization, in the past 24 hours.

According to the market information platform Sentimentthe price of the largest altcoin fell as traders expect ETH to sink before the merger happens.

“As traders bet that Ethereum will fall until the merge, short liquidations have been the story so far. After ETH prices fell to $1,565 following Tuesday’s CPI report, traders are anticipating a wrong bet on the downside following this mild recovery to $1,635.

Source: satimentfeed/Twitter

Santiment says Ethereum will to continue to see increased volatility now that it has turned into a proof-of-stake network.

“Ethereum Merger Day was justifiably the dominant trend, even with the expected outcome now complete and relatively drama-free. Over the past year, ETH has seen less interest, but this event will drive volatility for the near future.”

Source: satimentfeed/Twitter

At the time of writing, ETH is trading at $1,471, down 9.57% in the last 24 hours. BTC changes hands for 19,682, down 2.75% over the same period.

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