As Bitcoin and Ethereum fail to hold critical support, liquidations in the altcoin market are growing rapidly. PeckShieldAlert highlighted a massive liquidity event in a new report today.
Altcoin recommendations skyrocket as the market continues to bleed
Blockchain security firm PeckShieldAlert reports in a new tweet today that a $4.5 million secured MakerDAO vault in Ethereum and a $3.3 million DAI debt will be liquidated as soon as the Ethereum price drops to $1284:
ETH is fluctuating around $1,300 (-10% in the last 24 hours). A MakerDAO vault of $1,284,684/ETH faces liquidation from ~3.3 million DAI debt
By the way, it is worth noting that the identity of the person or person who owns the safe is unknown. The liquidity thing comes as the crypto market continues to drop. Most major cryptos have lost over 5% in the last 24 hours. As a result, Coinglass data shows that Bitcoin liquidations exceeded $121 million in the last 24 hours, while Ethereum liquidations exceeded $172 million.
Why is the cryptocurrency market falling?
The current price action is linked to market uncertainty as we await the Fed’s rate hike decision. Last week, US CPI data showed that inflation beat economists’ forecasts by 20 basis points. It is also noteworthy that inflation in the USA increased by 8.3% yoy in August. As a result, economists now predict the Fed will raise rates by 100 basis points this week.
Despite the Ethereum Merge excitement last week, the market continued to decline. Notably, the Ethereum network successfully accomplished an impressive engineering feat last week. It effectively reduced energy consumption by 99.95% by switching to PoS without network interruption. However, its price found little relief due to persistent inflation and US regulatory concerns. Last Thursday, crypto analyst Ali Martinez predicted that the Ethereum price would drop to $1,000 in a free fall.
Meanwhile, another crypto analyst Mac echoed the risk of Bitcoin reaching $17,000 on Sunday. Martinez’s expectation of $ 1,000 is preserved on the Ethereum side for now. Mac, on the other hand, says that after Bitcoin breaks $ 21,500, its way to $ 17,000 is clear:
My last update on BTC and the market was 4 days ago. Nothing has changed. I expect BTC to be in a slightly longer range between $21,500 and $18,500, but I expect $17,000 to finally be visited.
CoinMarketCap currently shows Bitcoin trading at $19,098.06, down 3% in the last 24 hours, while Ethereum is currently trading at $1,337.94, down 3.85% over the same period. By the way, cryptocoin.comAs you follow, a break below $17,000 awaits at popular crypto analyst Rekt Capital.
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