Ethereum (CRYPTO: ETH) declined 10% in the last 24 hours, leading to cascading liquidations for traders who were long on the second-largest cryptocurrency by market cap.
What Happened: Ethereum saw $174 million worth of liquidations on Sept. 15 as the asset’s price fell to an intra-day low of $1,466 on Thursday, as per data from Coinglass.
The majority of ETH traders were in long positions and saw the maximum amount of pain as the asset traded lower following its highly anticipated Merge to a Proof-of-Stake (PoS) network.
See Also: WHY IS THE ETHEREUM MERGE IMPORTANT?
More than $122 million ETH longs were liquidated while ETH shorts saw a comparatively lower $47 million worth of liquidations.
Bitcoin (CRYPTO: BTC) was the second-most liquidated asset with $39 million in liquidations, followed by Ethereum Classic (CRYPTO: ETC) which saw $24 million worth of liquidations.
The native token of the Celsius Network (CRYPTO: CEL) also saw a higher than normal amount of liquidations which amounted to $5.96 million on the last day.
CEL unexpectedly rallied 66% an hour after the Ethereum Merge, prompting market participants like Ethereum creator Vitalik Buterin to joke that the coin had “converted to Fahrenheit.”
A total of 82,900 traders were liquidated from cryptocurrency markets with total daily liquidations exceeding $296 million at the time of writing.
Price Action: At press time, ETH was trading at $1,470, down 10% over the last 24 hours, as per data from Benzinga Pro.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.