Ethereum Single-Day Liquidations Reach Three-Year High As Price Breaks $1,900

Ethereum is back on another winning streak as it breaks above $1,900. This follows a weekend that was mostly characterized by low momentum but would eventually turn for the better. In the wake of this, there have been a lot of short liquidations in the market due to the recovery. However, the liquidations in Ethereum hit a new three-year high when thousands of short positions were liquidated on the Bitfinex cryptocurrency exchange. Bitfinex Short Liquidations Grow The Bitfinex crypto exchange is one of the largest exchanges in the world and is highly favored by both amateur and professional traders. This is why liquidation volumes are oftentimes pronounced on the platform. However, Monday’s liquidations would pose a new record for the market given that Ethereum liquidations alone had surged past $600 million. Related Reading | Bitcoin Dominates Derivatives Market To End May On A High Note This pushed the digital asset into the largest daily liquidations in three years. In total, there were more than $690 million in Ethereum shorts liquidated across various exchanges. Shorts made up 99.5% of these liquidations that were recorded over a four-hour period. However, the majority had come from the Bitfinex crypto exchange. It came out to almost $670 million liquidated on the exchange as ETH had barreled past the $1,900 level. Other cryptocurrencies such as Bitcoin had taken a hit in the same timeframe but none close to the degr...