Ether gained a little today as the leading cryptocurrency, Bitcoin, remains below the $20K mark. After Russia shut down gas shipments through the main Nord Stream 1 pipeline to Germany, gas prices skyrocketed and the euro and pound fell.
A total of $188.94 million worth of traders were liquidated throughout the course of the day, which saw 49,683 liquidations. The largest single liquidation order, worth $2.17 million, was placed on Okex for ETH-USDT-SWAP.
When investors borrow money on margin and don’t pay the margin call in a timely manner, liquidations happen. Exchanges convert your assets into cash in these circumstances to reduce their losses.
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Bitcoin traded last week within a range of approximately 5.4%, the smallest since October 2020. Bitcoin makes up nearly 40% of the total market value of all crypto assets. Following the slump of two years earlier, prices rose steadily for several months, eventually driving Bitcoin to a record high in April 2021.
Over the past 24 hours, Ether (ETH), which has recently outperformed bitcoin a little bit, has increased by 1%. Just over a week remains till the highly anticipated Merge on the network. Chainlink and Polkadot both saw gains in the alternative currency market.
Overall, the much-anticipated upgrade on the Ethereum blockchain later this month is probably the main driver of the rising leverage. The most significant network in terms of commerce is about to switch from its current system, which relies on miners, to a more energy-efficient one, which uses staked currency.
The open interest in perpetual swap contracts with Ether as the base currency reached an all-time high at the end of August, according to data gathered by blockchain research company Kaiko.