CryptoCurrency News - June 16, 2022

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.
img1_eth
Source: Glassnode

 

  • 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.
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