In the early Asian hours of Monday, crypto markets continued to see a volatile session despite being slightly bearish overall, according to data from analytics tool Coinglass.
Prices, after a quiet weekend and a slight drop in major cryptocurrencies on Monday Ethereum (ETH) It fell nearly $100 to $3,840, down 3% in 24 hours.
Ethereum priceEven a small drop of $100 in traders has taken a toll on their investments. As of this morning, $12.69 million of ETH futures have been liquidated, which is more than twice the number of Bitcoin (BTC) liquidations of nearly $6 million.
Coinglass analytics showed $11.89 million worth of liquidations resulting from ‘long’ traders or borrowers from exchanges to bet on higher ETH prices. By Monday morning, 92% of all traders were long, and 50% of the liquidations occurred on the OKEx exchange, corresponding to over $4.93 million in liquidations.
Liquidations occur when an exchange forcibly closes an investor’s leveraged position as a security mechanism due to a partial or total loss of the investor’s initial margin. These mainly occur in futures that only track asset prices, as opposed to spot trading, where traders own real assets.
On the other hand, XRP prices rose 10% from $0.82 to $0.91 during Asian hours. Traders took a good profit at these levels and prices retreated to $0.87 in the early European hours.
Volatility saw liquidations reach $2 million during Asian hours. No immediate fundamental updates were released for XRP on Sunday night or Monday morning that could contribute to the movement.
The Monday morning session saw $40 million in liquidations overall and contributed to over $152 million in liquidations in the last 24 hours. Crypto markets tumbled in the early Asian hours after reports of bond defaults and weakening real estate privatizations in China.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.