DeFi Liquidations Accelerate as ETH Drops Below $1,750
06/10 09:55
Over the past 24 hours, the crypto market has experienced liquidations of nearly $385 million USD in perpetual contracts, which is more than double the worst single-day liquidations in May. This increase in liquidations is due to the volatile market conditions, particularly affecting the DeFi ecosystem. Long liquidations have been heavily skewed towards Ethereum futures contracts, with traders betting on the rising price of ETH. However, with the recent decline in ETH value, many traders have had their positions forcefully closed, and more liquidations may be on the horizon if ETH continues to fall.
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