Ether’s 20% Freefall Triggers $1B Liquidation Cascade as Crypto Losses Accelerate
Ethereum’s ether (ETH) just tumbled more than 20% by Tuesday in a two-day rout that almost look like the October 10 crash.
Trading just below $4,000 early Monday, the second-largest cryptocurrency by market cap tumbled to nearly $3,000 by Tuesday afternoon U.S. hours, touching its weakest level since mid-July. That’s the second severe correction in a month, as the October 10 flash crash took ETH to $3,440 from just shy of $4,500 a day before, a 25% nosedive.
ETH was recently trading just above $3,200 after a modest bounce, still down 9.4% over the past 24 hours.
The sharp drop triggered over $970 million in liquidations across leveraged ETH derivatives markets, according to CoinGlass data. Most of those positions were long — traders…
