Ethereum Surges Past $1,900, Leading to $11 Million Worth of Liquidated Shorts
- Shams ul Zoha
- April 5, 2023
- 3:12 pm
WHAT YOU SHOULD KNOW
- Over $11 million worth of Ethereum shorts were liquidated within 12 hours as the cryptocurrency surged above $1,900.
- The Ethereum Shanghai hard fork, scheduled for April 12, will allow validators and stakers to withdraw staked ETH from the beacon chain.
- Ethereum’s value broke the $1,900 barrier last on August 16, 2022, during a global crypto sell-off caused by the US Federal Reserve’s interest rate hike to fight inflation.
Within 12 hours, over $11 million worth of Ethereum shorts were liquidated as the cryptocurrency surged above $1,900 for the first time in over seven months. According to CoinGlass data, the total liquidations of Ethereum in the past 12 hours amounted to approximately $14.3 million, with shorts accounting for 81% of this amount.
Over the past 24 hours, 30,792 traders were liquidated, with the majority being shorts, resulting in a total value of liquidations of $101.58 million. This significant rise in Ethereum’s price and subsequent liquidations could be attributed to the upcoming staking withdrawals enabled in the next major update.
Ethereum’s value has broken the $1,900 barrier for the first time in over seven months. It happened a week before staking withdrawals are enabled in the upcoming Ethereum Shanghai hard fork. The update will introduce a key change that allows validators and stakers to withdraw staked ETH from the beacon chain.
The last time Ethereum’s value surpassed $1,900 was on August 16, 2022, during a global crypto sell-off caused by the US Federal Reserve’s interest rate hike to fight inflation. As of the last 24 hours, ETH was trading at $1,912, reflecting a 5.70% increase.
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