An Ethereum (ETH) whale liquidated a huge position to pay off debts, causing the price of WETH’s USDC pair on Uniswap to drop below $1,000. Meanwhile, the broader market continues to experience declines.
Ethereum whale plunged ETH price below $1,000
Over the past few days, the cryptocurrency market has seen extreme turbulence and massive volatility. During the turmoil, a whale liquidated a large amount of ETH and slashed its price on Uniswap to 941 USDC before rebounding. An ETH whale liquidated a large amount of wrapped Ethereum (WETH) on Uniswap. It lowered its price to 941 USDC. Also in the transaction, the whale appears to have used some of the funds to repay loans. At the time of this writing, the price is back to where the broader market is trading just under $1,300.
ETH fell 11.2 percent on the day and almost 30 percent on the week. Data from Coinglass reveals that there have been over $170 million in liquidated ETH positions in the last 24 hours alone. Meanwhile, the broader market is just $50 billion away from falling below $1 trillion in terms of total market capitalization. The last day, 500 million dollars were seen in total liquidations. BTC price sees its price last seen in 2020.
ETH network suffers from trouble of “difficulty” adjustment
Ethereum has fallen to its lowest level in more than a year as altcoins have taken a bigger hit. The second-largest cryptocurrency by market cap was down more than 15 percent since the weekend, trading at around $1,450. At the time of writing, Ethereum is trading at $1,327.40, down 26.5 percent from the previous week. Monday’s Coinecko statistics show that ETH has lost over $200 in the last 24 hours and over $500 in the last week.
For most of the last 30 days, ETH price has been hovering around $1,800. In the second part of the week, the market cap of ETH dropped by almost $38 billion in three days. The overall market cap of cryptocurrencies has been trading on a downward trajectory for the past month and is currently supported by $1.17 trillion. The cryptocurrency market lost more than $100 billion over the weekend after Treasury Secretary Janet Yellen offered a dismal crypto forecast.
The announcement that core developers are delaying the implementation of the “difficulty bomb” resulted in a roughly 8.0 percent drop for Ethereum on Saturday after a roughly 7.0 percent drop on Friday. As we reported on Kriptokoin.com, despite the successful deployment of the merge on the Ropsten Testnet this week, the Ethereum developers chose to delay the difficulty update.
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