Ethereum Addresses in Loss Skyrocket to an All-Time High
The past few days have been particularly challenging for ETH’s price. The cryptocurrency declined towards $1K yesterday, where bulls were able to prevent any further drops.
However, this has also put the number of ETH addresses in loss at an all-time high.
- Data from analytics provider Glassnode reveals that the number of Ethereum addresses in loss based on a 7-day moving average has reached an all-time high at over 38.6 million.
- The above comes on the back of a substantial drop in the price of ETH over the past weeks and especially over the past couple of days.
- The cryptocurrency lost a whopping 40% of its value over the course of a week, hitting as low as slightly above $1,000 (on Binance) yesterday.
- ETH is also leading the way in terms of 24-hour liquidations with $150 million worth of liquidated positions.
- It’s worth noting that the above number could also have been increased because of the roller coaster the cryptocurrency has been on for the selected period.
- Yesterday, after Jerome Powell announced a 75 bps rate hike, he hinted that this might be the highest the Fed will go, and it probably won’t be as much in the future.
- That said, cryptocurrencies, including ETH, responded positively, charting increases of more than 10% in minutes.
- At the time of this writing, however, ETH returned to around $1,100.
