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More Than 125,000 Crypto Traders Liquidated, Here’s How Much They Lost

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Over the last 24 hours, thousands of crypto traders have lost their positions in the market. The liquidations had ramped up, especially after the price of bitcoin had lost its footing above $19,000. It triggered one of the largest liquidations for the year 2022, with traders losing hundreds of millions of dollars in the span of a single day.

More Than 125,000 Trader Rekt

In the 24 hours following bitcoin’s decline to the $18,000 territory, more than 125,000 have had their positions liquidated. This amounted to more than $410 million that has been lost in the past day. Not surprisingly, the vast majority have been long traders who had been betting on the market seeing another recovery. Instead, the drop had caused a ripple effect across the market. 

According to data from Coinglass, a total of 126,632 traders had lost their positions during this time. The largest single liquidation had been recorded on the Bitmex exchange, where a single trade worth $10 million had been liquidated across the XBTUSD pair.

Of the $417 million in liquidations, 87.85% had come out as longs, leaving $52.38 million of shorts during this time. Over the last 12 hours, the liquidations have started to subside but still remain significant enough to cause panic in the market. 

Ethereum Leads Crypto Liquidations

Even though bitcoin had fallen below $19,000, sparking massive liquidations across the digital asset, it still comes short when compared to Ethereum. ETH had fallen to the $1,200 level at one point, and long traders had taken hit after hit in the market.

Where bitcoin’s liquidations had come out to around $121 million in the last 24 hours, Ethereum’s numbers were almost 40% more, with $161 million lost by traders. This meant that the trades had lost more than 122,000 ETH in just 24 hours.

Ethereum Classic, which tends to trail behind Ethereum the most, was also not spared in the liquidation trends. ETC saw more than 482,000 coins liquidation, translating to losses of $13.91 million during this time. It was just ahead of XRP, which saw $10.5 million in liquidations. 

All other cryptocurrencies had seen much fewer liquidations with less than $5 million lost. EOS, ETHW, SOL, and CHZ recorded liquidations of $4.92 million, $4.65 million, $4.29 million, and $4.27 million, respectively. LTC also made the top 10 list with liquidations of $3.6 million.

Featured image from CoinShark, chart from TradingView.com

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Cardano Founder And ETH Dev Get Into A Tussle of Word On Twitter

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Cardano Founder And Eth Dev Get Into A Tussle Of Word On Twitter
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Twitter threads from last week reveal a series of heated arguments between Cardano founder and Ethereum’s co-founder, and Vitalik Buterin.

Amid several backlashes caused by lapses in the Ethereum Upgrade, the co-founders argue over the execution of the POS consensus mechanism. A lot has transpired within the past days after the Ethereum upgrade. Also, there are more like the Shanghai upgrade to come.

On Saturday, 24 September, Evan Van Ness, a Web3 investor, expressed his opinion regarding the Ethereum merge. Van asserted that the last ten days after the merge are evidence the merge should have happened earlier.

Buterin seeing Van Ness’s tweet, agreed with him, saying they should have implemented an NXT-like chain based on POS.

Charles Hoskinson Claims Ethereum POS Is a Bad Design

Hoskinson joined the Buterin-Van Ness conversation, saying there should be a Snow White protocol to ensure faster POS migration. Hoskinson’s opinion didn’t go well with the others, which resulted in an argument between him, Van Ness, and other Ethereum developers.

Snow White is a protocol that provides end-to-end proof of security for POS systems. Hoskinson has been an advocate of Snow White for many years. Hoskinson claimed his idea for the Ethereum network’s technical upgrade in 2014 was better than the present upgrade.

Van Ness recalled that Hoskinson got removed from Ethereum due to his bad behavior and lack of notable technical contributions. Hoskinson accused Ethereum developers of ignoring Ouroboros in the last five years.

Ouroboros is a secure proof-of-stake blockchain and the first peer-review researched based protocol. He also said the present version of the proof-of-stake upgrade is not well-designed.

In their argument, Hudson Jameson, Ethereum’s core developer, responded to Hoskinson’s Ouroboros implementation claims. Jameson told Hoskinson that Ethereum developers hated Cardano because of his actions and behaviors.

The Ethereum developer also spoke of Hoskinson’s ill-treatment of Ethereum while he created Cardano. He also said Vatalik had reviewed Ouroboros.

Charles Hoskinson On Success Of Cardano

Hoskinson boasted that Cardano is not dependent on cryptocurrency to succeed and that they’ve grown to billions without mass adoption.

Although similar arguments are not new between Hoskinson and the Ethereum developers, it shows how detached from each other the two blockchain’s have become.

Both Ethereum network and Cardano are in the middle of intensive upgrades, but Hoskinson is known for his bullish opinions on his previous projects.

Cardano Vasil Upgrade and hard fork took place on Thursday, 23 September. Input Output Hong Kong (IOHK), the blockchain company behind Cardano, announced the successful upgrade via Twitter.

Cardano mounts on the chart l ADAUSDT on Tradingview.com

IOHK stated the hard fork upgraded the network to block transmission without full validation to enable faster block creations. The Plutus smart contracts upgrade was for increased efficiency and a low-cost running of decentralized applications.

Featured image from Pixabay, Chart: TradingView.com

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Almost $1 Million Stolen in Ethereum ‘Vanity Address’ Exploit

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Almost $1 Million Stolen In Ethereum ‘Vanity Address’ Exploit
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