Record-breaking crypto liquidations surpass $1.1 billion amidst significant price increases in Bitcoin, Ethereum, and Solana.
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📣 In the heart of crypto chaos! The last 24 hours have been a rollercoaster for short traders as the prices of leading cryptocurrencies surged, leading to a whopping $1.12 billion worth of crypto positions getting liquidated!
CoinGlass shows the curve: Shockingly, short positions account for a staggering $777 million worth of these liquidations in a single day. Long positions, on the other hand, faced $350 million in liquidations.
King of the Hill - Ethereum's Triumph: While Bitcoin usually heads the liquidations list, this time it's Ethereum traders bearing the brunt with $439 million worth of liquidations.
Ethereum's Great Ascent: The reason behind Ethereum's turmoil? Its breathtaking price surge, reaching nearly 25% over the last week and currently resting at $2,303. It even touched a two-month high of $2,448 earlier today. This incredible rise comes amid the groundbreaking Pectra network upgrade launched this week.
BTC Breaks Barriers: Bitcoin isn't far behind either, boasting a 5% rise and breaking the $100,000 mark for the first time since February. It peaked at $103,890 on Friday, with $307 million worth of Bitcoin liquidations taking place over the last 24 hours.
Other Top Performers: Solana skyrocketed 12%, while Dogecoin climbed over 11% this week. Solana contributed to over $40 million worth of liquidations, with Dogecoin following suit at $19 million.
The Biggest Loser: The single-largest liquidation over the last day belonged to a trader betting against Bitcoin, losing an $11.97 million position!
Save the date: May 7, 2025, marked the complete launch of the Pectra network upgrade, the most significant Ethereum overhaul since the Merge in 2022. The update seamlessly combined two major updates—the Prague execution layer and Electra consensus layer—implementing 11 Ethereum Improvement Proposals.
Key Pectra Upgrade Features:
- Smart account functionality (EIP-7702): EOAs can mimic smart contracts, improving wallet usability, user experience, and enabling diverse payment options.
- Increased staking limit (EIP-7251): The maximum stake per validator skyrocketed from 32 ETH to a massive 2,048 ETH for smoother staking operations while ensuring a lower number of validators are needed.
- Layer 2 scalability improvements (EIP-7691 and related EIPs): Increased data blob limit for Layer 2 solutions, expected to significantly reduce transaction fees and boost network efficiency.
Pectra's Impact on Ethereum's Price:
Though exact price impacts aren't available, significant protocol improvements generate positive market sentiment. The enhanced staking options, scalability features, and user-friendly upgrades could attract more users and institutional investors, potentially pushing Ethereum's price higher, subject to broader market conditions and investor sentiment.
- The surge in cryptocurrency prices, including Bitcoin and Ethereum, has led to a significant increase in liquidations, amounting to $1.12 billion in the past 24 hours.
- While Bitcoin usually leads the liquidations list, this time, Ethereum traders have faced $439 million worth of liquidations, with the price surging nearly 25% over the last week.
- The groundbreaking Pectra network upgrade, launched this week, could potentially push Ethereum's price higher as it introduces user-friendly upgrades, enhanced staking options, and scalability features.
- Other top performers in the crypto market include Solana and Dogecoin, which have risen 12% and 11% respectively, contributing to $40 million and $19 million worth of liquidations.
- Cryptocurrency investing continues to be a thrilling and volatile space, with technology playing a crucial role in shaping the future of finance.
