Ether saw a volatile session in early Asian hours on Monday even as the broader market slightly declined, data from analytics tool Coinglass showed.

Prices fell nearly $100 to $3,840, a 3% drop in 24 hours, following a muted weekend and a slight slide in top cryptocurrencies on Monday.

Ethereum

However, the relatively small price movements saw traders take on a big hit. $12.69 million worth of ether futures were liquidated on Monday morning alone, nearly double the $6 million figure of bitcoin liquidations.

Coinglass analytics showed $11.89 million worth of liquidations originated from ‘long’ traders, or those borrowing from exchanges to bet on higher ether prices. 92% of all traders were long ether Monday morning, and 50% of the liquidations took place on crypto exchange OKEx, which accounted for over $4.93 million in liquidations.

Liquidations occur when an exchange forcefully closes a trader’s leveraged position as a safety mechanism due to a partial or total loss of the trader’s initial margin. These happen primarily in futures trading, which only tracks asset prices, as opposed to spot trading, where traders own the actual assets.

Elsewhere, prices of XRP jumped 10% from $0.82 to $0.91 during Asian hours. Traders took profits at those levels and prices then retracted to $0.87 in early European hours.

The volatility saw liquidations reach $2 million in Asian hours. No immediate fundamental updates for XRP were released on Sunday night or Monday morning that could have contributed to the move.

The Monday morning session saw $40 million in liquidations overall, contributing to over $152 million in liquidations over the past 24 hours. Crypto markets saw a slide in early Asian hours following reports of bond defaults and weakening privatization of real estate in China.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves.

More Bitcoin News

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic (ETC) saw the headwinds that triggered the massive sell-off of 2022 fade a bit to the background in the first weeks of 2023. That resulted in bulls returning to life after a hibernation of almost five consecutive straight months.

More Ethereum Classic News

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple, the cross-border remittance giant is likely to win its legal battle against US financial regulator, the Securities and Exchange Commission (SEC) according to crypto proponent John Deaton.

More Ripple News

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

Shiba Inu holders who acquired SHIB more than 11 months ago are holding onto their tokens. These holders have refrained from selling their SHIB holdings since December 2021.

More Shiba Inu News

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves. While BTC consolidates, other altcoins are rallying left and right, providing massive gains.

Read full analysis

BTC

ETH

XRP