ETH experiencing a massive liquidity signs

The Cryptocurrency ecosystem is signalling various contrasting signs wherein the overall market is experiencing a positive support while the price increase has resulted in massive liquidations for Ether.

Liquidations in Ether paired with massive price increase

• The price of Ether has faced a massive price surge in recent times which has resulted in a majority of leveraged positions related with Ether being liquidated. According to various data on tracker websites the total liquidation outflows averages around $ 200 million in a very short span of time.
• Various prominent exchanges such as OKEx,FTX,Huobi and Binance have been facing high liquidations correlated with the price increase in Ether. The Crypto exchange OKEx had a 75% short position liquidation which directly caused a loss of over $4 million.

Cause of such massive liquidations

The entire cryptocurrency community around the world is planning to adjust to the upcoming upgrade by Ethereum wherein there will be a transition to the Proof of stake consensus mechanism. But despite such crucial market happenings the price of Ether isn’t able to be in tandem with the upcoming changes. Although the overall market has a positive outlook however the price of Ether hasn’t been able to keep up and has faced a massive onslaught in the market. However recently the price of Ether has started gaining steam by being carried closer to around the $2 K price level. These market happenings have resulted in various rapid decisions by investing resulting in massive liquidations in the market.

Ethereum Classic Hash Rate surpasses 50 Th/s

• The mining community is no stranger to the popularity of ETC. The members of the mining community are forced to join the lower price hedged cryptocurrency ecosystem inorder to hedge their losses. The Ethereum Classic Hash rate has officially surpassed the rate of 40 Th/s as of last Wednesday.
• Following this the Ethereum Classic Hash rate has officially surpassed the barrier of 50 Th/s and reached around the rate of 51.81 Th/s. Due to this increase the price of ETC has risen upto $38.69 which has averaged around 7% rise over the past daya and a 17% rise over the past week.