Ethereum

Million

Time

James

Investors are abuzz with excitement as Ethereum, experiencing a 17% surge within 24 hours, reaches $3,645, igniting a frenzy in the cryptocurrency market. 
The asset leads in liquidations, totaling $114.47 million, with $29.98 million in Longs and a significant $84.50 million in Shorts. This dramatic rise highlights Ethereum’s volatility and market dominance. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/NHvl3-k9zzKaXN9qxA9_tjZ3VntJGKUxk5b6MX2LEh6RHGz26Y9jgPvj60mbEbgOFkEPbdGDMpqQngwa1hnWS-tNNGw367RVsnNRYO5tLSyKpUzMPE2i0MstvAQOoUDd_pH1ai01CI1WuIRqQgKBc4A" alt="NHvl3 k9zzKaXN9qxA9 tjZ3VntJGKUxk5b6MX2LEh6RHGz26Y9jgPvj60mbEbgOFkEPbdGDMpqQngwa1hnWS tNNGw367RVsnNRYO5tLSyKpUzMPE2i0MstvAQOoUDd pH1ai01CI1WuIRqQgKBc4A">
 <figcaption class="wp-element-caption">
 Image Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener">Coinglass</a> (Liquidation Map)
 </figcaption>
 </figure>
</div> 
On Monday, Ethereum (ETH) <a href="https://www.coingecko.com/en/coins/ethereum" target="_blank" rel="noreferrer noopener">surged</a> to an intraday peak of $3,691 per coin, driven by swirling rumors on social media and forums about the potential SEC approval of several spot ETH ETFs. According to various reports, sources revealed that exchanges were allegedly instructed by the SEC to <a href="https://www.cryptotimes.io/2024/05/20/sec-approval-for-spot-ethereum-etfs-depends-on-19b-4-filings/" target="_blank" rel="noreferrer noopener">expedite their 19b-4 filings</a>. 
Bloomberg analysts Eric Balchunas and James Seyffart significantly raised their approval <a href="https://www.cryptotimes.io/2024/05/21/ether-soars-16-as-odds-of-sec-approving-etfs-rise-to-75/" target="_blank" rel="noreferrer noopener">predictions from 25% to 75%</a>, adding to the market excitement. As a result, ETH saw a substantial increase, rising from $3,140 at 3 p.m. Eastern Time (EDT) on May 20 to a high of $3,691 per coin by 6:30 p.m. EDT. 
Ethereum (ETH) has seen a significant increase, rising 17.96% against the U.S. dollar and adding $551 to its value in just a few hours. This surge has pushed Ether’s dominance in the cryptocurrency market to 17%, giving it a total market valuation of $438 billion, and the 24-hour trading volume surged a staggering 254%, valued at $37 Billion. 
The total crypto market liquidations reached $340.35 million, with $77.26 million Longs liquidated and $263.34 million in Short. Over the last day, 78,944 traders faced liquidation, totaling $340.61 million. The largest individual liquidation occurred on Huobi, with an ETH-USDT value of $3.11 million. 
The upcoming decision on the Ethereum ETF has stirred up a lot of interest in the weekly and monthly ETH options expiries. On Deribit, the top derivatives exchange, the open interest for Ether options is substantial: $867 million on May 24 and an impressive $3.22 billion on May 31. 
The call-to-put ratio on Deribit heavily favors call options, suggesting that traders are more inclined towards buying options than selling them.

$114.47 Million Liquidated in Ethereum Amid 17% Pump

The Crypto Times

Other articles published on May 21, 2024

Ethereum (ETH) Price Targets $4,000 As Odds of Spot Ether ETF Improve

Bitcoin ETFs Attract Significant Investments

Standard Chartered Anticipates Spot Ethereum ETF Approval This Week

7 Crypto To Buy Amid Spot Ethereum ETF Frenzy

Nearly $250 Million Bitcoin Transfer Stuns Major US Exchange

Bitcoin ETFs Record $241M Inflows, BTC Above $71k

Join our free newsletter for daily crypto updates!