The second-largest crypto Ether witnessed volatility during the early Asian session on Monday. That came as the overall market encountered a slight drop, Coinglass data showed. Ether dropped around $100, a 3% 24-hour crash to $3,839.
Cryptocurrencies witnessed brief drops early on Monday after muted sessions over the weekend. However, the somewhat small price actions had traders taking a hit. Ether futures worth $12.69 million encountered liquidation early today, more than double Bitcoin’s $6 million liquidations.
Data from Coinglass indicates liquidation worth $11.89 million came from individuals borrowing from crypto exchanges to stake on higher ETH prices. 92% of the traders were long investors, while half of the liquidation happened on cryptocurrency exchange OKEx, accounting for more than $4.94 million in liquidations.
Liquidations happen whenever an exchange closes investors’ leveraged position for safe amid total or partial loss of the investors’ initial marginal. That occurs in futures trading since it tracks asset prices only, unlike spot trading, where market players own an actual asset.
On the other side, XRP price increased by 10% to $0.91 from $0.82 during Monday Asian hours. However, the remittance coin encountered profit-booking in these areas. That had XRP retracing towards $0.87 during European sessions.
The volatility witnessed liquidations hit $2 million during Asian hours. Remember, Ripple did not receive XRP’s fundamental updates on Sunday or early Monday that might have backed up the actions.
Today’s early session had liquidations totaling $40 million, contributing to more than $152 million liquidations within the last 24 hours. Cryptocurrency markets witnessed a drop during the early Asian hours. That was after bond defaults reports and weakening real estate privatization in China.
Though the price dips, cryptocurrencies appear lucrative to many. Recently, an American billionaire Ray Dalio stated that he holds Ether. Dalio called digital coins lucrative tools for portfolio diversification. The Bridgewater Associates founder trusts crypto is dominating as cash loses buying power.
Meanwhile, the crypto space struggles with downswings for now. Top digital assets traded in the red as the crypto space remained calm throughout the weekend. Bitcoin endured slight drops, trading at $46,466.
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