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Major Websites Show Wrong Data of $660M in Ethereum Shorts -Breaking

by Mike Robinson

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© Reuters. Major websites show incorrect data of $660M on Ethereum Shorts
  • On $660m shorts, prominent websites supplied incorrect information.
  • After the announcement, Ethereum prices rose by 6%
  • The impending switch from proof-of-stake to Ethereum has driven recent Ethereum price movements.

Yesterday, more than $660million in Ethereum short-bets were settled. The price of Ethereum, the second largest cryptocurrency, rose roughly 6% from $1,804 and $1,910. This printed multiple green hourly bar on the market.

Bitfinex was the location of most of these liquidations, according to reports. Even with large liquidations, prices failed to reach $2000 and they were kept below $1900. This created a lot of worry about future movements.

A large number of traders established short bets in Ethereum, betting against the currency’s rise, and these positions were immediately liquidated, resulting in large losses. The highest CryptoQuant has ever seen this level in the three-year period. Another tweet from the thread stated that Bitfinex was the platform with the highest number of liquidated transactions.

Ethereum’s one-day liquidation volume has reached its highest level in three years as a result of the trading on Bitfinex. Nearly $698 Million has been sold in 24 hours with 99.5% being short sales.

Paolo Ardoino, the CTO of Bitfinex, replied by sharing the platform’s Ethereum trading data. One user pointed out that there were ridiculously high numbers of liquidations on status WebSocket channels. Although he did not claim to have the original data, his feed shows that these values match the Bitfinex data.

Ardoino explained that this was an common misinterpretation. “We publish the data with position id, and the status stream reports that the amount is decreasing. The misunderstanding is the amount is the remaining position size, not the executed order size.”

This week’s crucial Proof-of-Stake (PoS) test may cause Ethereum to solidify its recent gains, when the Ropsten Testnet, one of the most significant testnets on the blockchain, installs a PoS architecture.

Vitalik Buterin is the creator of Ethereum. He said that integration may occur as soon as August. It is anticipated that the merger will be positive for Ethereum since it would significantly cut the blockchain’s running expenses and make it more accessible and sustainable.

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