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<p dir="ltr">Just as it appears that the market is in recovery mode, the crypto liquidation figures tell a different story.<a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">Per</a> data from CoinGlass, the total liquidation has topped $271 million, the highest thus far this week. This crypto liquidation trend encompasses established cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and newer projects like NEIRO.</p>
<h2 id="crypto-liquidation-by-numbers">Crypto liquidation by numbers</h2>
<p dir="ltr">According to the data, Ethereum is leading the<a href="https://u.today/from-uptober-to-rektober-500000000-in-crypto-market-liquidations" rel="noopener noreferrer nofollow">crypto liquidation</a> trend, with a total of $72.97 million lost. ETH long traders suffered the most, as the projection of a sustained uptrend failed to materialize when the price dropped from a high of $2,605 to its current level of $2,542.01.</p>
<p dir="ltr">According to the actual figure, long traders lost $56.58 million, while short traders lost $16.4 million. Bitcoin also saw a massive liquidation totaling $56.55 million, with long traders accounting for approximately $28.62 million of the sum.</p>
<p dir="ltr">The market volatility also saw $10.12 million taken from Solana via liquidation and NEIR sell-offs pegged at $6.49 million. Despite the prominent features of meme coins, the CoinGlass data confirms that assets like Shiba Inu (SHIB) have limited exposure, as their liquidation is worth less than $1 million.</p>
<h2 id="when-rebound">When rebound?</h2>
<p dir="ltr">There are a lot of internal ecosystem activities that are limiting the overall focus on crypto liquidations. Ethereum, for instance, has continued to garner hype concerning ecosystem enhancements.</p>
<p dir="ltr">Currently, the<a href="https://u.today/ethereum-eth-gas-cost-to-plummet-by-four-times-vitalik-buterins-unexpected-statement" rel="noopener noreferrer nofollow">Ethereum gas fee</a> has continued to drop by a wide margin, presenting the network as one that is highly usable. Notably, this has the potential to reboot transactions on the protocol which, in turn, can boost ETH buy-up and, subsequently, fuel the price surge.</p>
<p>Vitalik Buterin has also recently mentioned new plans to scale the protocol overall. In his latest update, he shared insights on<a href="https://u.today/vitalik-buterin-breaks-down-the-verge-expectations-to-boost-ethereum" rel="noopener noreferrer nofollow">The Verge</a>, a system that will shift node operations to mobile phones to enable more people to get into the network.</p> <a href="https://u.today/crypto-liquidations-hit-271-million-whats-going-on" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Crypto Liquidations Hit $271 Million, What's Going On?

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