Ethereum drops 9% in 8 hours as liquidations wipe out $670M in longs
Crypto Briefing
Ethereum plunged 9% to $2,930, contributing to over $670 million in total liquidations, primarily affecting long positions.Summary
Ethereum experienced a sharp 9% drop over eight hours, falling to $2,930 amid a general downturn in the crypto market, which saw Bitcoin retreat to the mid-$86,000 range. This selloff was driven by significant liquidations totaling over $670 million in the last 24 hours, with long positions suffering the most, accounting for $570 million of the total. Specifically, Ethereum saw $176 million in liquidated longs, while Bitcoin liquidations reached $204 million. The market continues to struggle for momentum following a previous major downturn on October 10, indicating low risk appetite for both major and altcoin assets.
(Source：Crypto Briefing)