Crypto

Ethereum (ETH) Losses Jump High To an All-Time High

The second largest cryptocurrency Ethereum's addresses number in loss has reached an all-time high

The last multiple days have been seriously challenging to the price of the second largest cryptocurrency ETH, as the asset declined to reach the $1,000 yesterday, where the bulls were strongly able to reject any further drops. Furthermore, this has put ETH addresses number in loss at an all-time high.

According to the data revealed from the analytics provider Glassnode, says that the number of the Ethereum addresses in loss based on a 7-day has now reached an all-time high at over 38.6M.

This come as a result of a massive drop in the Ethereum ETH price over the last multiple weeks and exactly over the past couple of days.

Moreover, the cryptocurrency has already lost what is worth of 40% of its values over the course of a week, recording as low as 1K yesterday on Binance platform.

Ethereum is also taking the lead in terms of 24-hour liquidations with about $150M worth of liquidated positions. However, it is worth to spot the light over the fact that this number could also have been increased due the the roller coaster which the cryptocurrency has been on for the selected period.

Jerome Powell did say yesterday in his announcement of a 75 bps rate hike (0.75%), he did hint that this rate might be the highest the Fed will add, and there will probably not add this much in the future.

Despite all of that, many cryptocurrencies including Ethereum, did respond positively, recording more than 10% increase in minutes.

By the time of writing this article, the second largest cryptocurrency is trading at $1,103.04 in red.

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