thecryptobasic.com
Liquidations grow as the crypto market prints losses.
In a tweet today, PeckShieldAlert disclosed that a MakerDAO vault with collateral of $4.5 million in Ethereum and a $3.3 million DAI debt could be liquidated soon as the price of Ethereum tanks to $1284.
“ETH fluctuates around the $1,300 price point (-10% within the last 24 hours). A @MakerDAO vault faces liquidation at $1,284.684/ETH, ~3.3m DAI debt,” the Twitter crypto security alert account wrote.
#PeckShieldAlert $ETH fluctuates around the $1,300 price point (-10% within the last 24 hours). A @MakerDAO vault faces liquidation at $1,284.684/$ETH, ~3.3m $DAI debt. pic.twitter.com/XtlAWPiUaD
— PeckShieldAlert (@PeckShieldAlert) September 19, 2022
It bears mentioning that the entity or individual that owns the vault is unknown.
The information comes as the crypto markets continue to plummet heading into the week. Most major crypto assets lost over 5% value in the last 24 hours. Consequently, Coinglass data shows that Bitcoin liquidations have exceeded $121 million in the last 24 hours, while Ethereum liquidations have exceeded $172 million.
The current price movement may be attributed to market uncertainty as we await the Fed’s rate hike decision. It is worth noting that last week, the US Consumer Price Index (CPI) indicated that inflation had exceeded economists’ estimates by 20 basis points, rising 8.3% year on year in August. Consequently, economists now estimate that the Fed will raise rates by a whopping 100 basis points this week.
Despite the Ethereum Merge excitement last week, the asset price has continued to plummet. Notably, the Ethereum network successfully performed an impressive engineering feat last week, transitioning from proof-of-work to proof-of-stake with no network downtime, effectively cutting down energy consumption by 99.95%. However, the asset price has found little relief due to persistent inflation and US regulatory concerns.
Last Thursday, market analyst Ali Martinez, sharing his charts, predicted that the asset’s price is heading for a free fall back to $1,000.
#Ethereum | You don't want $ETH to dip below $1,460 because it could trigger a sell-off that sends it to $1,000. #ETH pic.twitter.com/sCoqWE90Nz
— Ali (@ali_charts) September 15, 2022
Meanwhile, Mac reiterated on Sunday that he expects Bitcoin to revisit the $17k price point.
My last update on $BTC and the market 4 days ago.
Nothing has changed.
I expect $BTC to range a bit longer between $21,500 and $18,500 but eventually I expect $17,000 to get visited https://t.co/cUgfLf2yyC
— Mac 🐺 (@MacnBTC) September 18, 2022
CoinMarketCap data at press time indicates that Bitcoin is trading at the $18,457.63 price point, down 7.98% in the last 24 hours, while Ethereum is currently trading at the $1,293.52 price point, down 11.05% within the same period.