Ethereum Valued at $5.5 million Longs liquidated on BitMEX
Bitcoin succumbed to bearish pressure, thereby making other altcoins to follow its lead. Ethereum, which has high correlation to Bitcoin declined by 10.54 percent from $240.47 to $215.13 in three hours.
During the collapse, there were liquidations valued at millions of dollars on BitMEX platform. Based on data provided by Skew, huge liquidations happened between 26 Feb. and early-27 Feb.
Initial liquidations happened about 16:00 UTC when Ethereum valued at $3 million (longs) were liquidated on BitMEX. The next liquidation worth $2.5 million (longs) was recorded seven hours later. The aggregated sell and buy liquidations recorded were $11 million and $594k, respectively.
In recent times, there has been highest longs liquidation within the Ethereum Futures market. It attained a zenith on Feb. 19 recording longs valued at about $9 million. Contrariwise, Bitcoin liquidations were more than $150 million, representing the highest this year.
Nevertheless, Ethereum outperformed Bitcoin, as it incurred 62.19 percent gain. Bitcoin was able to incur 19.21 percent gain. Based on the robust correlation between Bitcoin and Ethereum, there could be losses in the altcoin as the correlation was increasing, at press time.
There has been a decline (70 percent) in the observed (from Feb. 12 to Feb. 15) correlation between the two cryptos. The observed correlation continued to grow since then such that it has reached 77 percent as at the time of writing.
At press time, the price of Ethereum was $231.12, while its trading volume within the previous 24 hours was $17.1B.
Featured image courtesy of Shutterstock. Source: Cryptopress