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Usha Yadav
May 27, 2022
by Usha Yadav

Ethereum Liquidations Top $157M After Merge Upgrade Test Hits Snag

Ethereum Liquidations
Ethereum has lost more than 16 percent of its value in the last seven days, falling from $2,077 on Monday to $1,731 in the early hours of Friday. However, it has subsequently regained some of its losses and is now trading at roughly $1,770, down 3.5 percent on the day. According to statistics gathered, this dramatic price shift resulted in almost $157.26 million in Ethereum liquidations. Long positions from optimistic crypto traders accounted for more than 75% of these liquidations. The catalyst for the asset's recent price movement is complex.

Perhaps most significant was a recent snafu around Ethereum's upcoming merging event, which will take place in August. The current proof-of-work (PoW) version of Ethereum will merge with its proof-of-stake (PoS) counterpart. The Beacon Chain is the technical name for this counterpart, operational since December 2020. Once completed, the PoW-based version of Ethereum will be decommissioned, effectively transforming Ethereum into a PoS blockchain network with a slew of new benefits. A block rearrangement event occurred on the Beacon Chain, a ghost version of Ethereum that runs parallel to the real Ethereum. This means that the Beacon Chain was forked for a brief period, and blocks of transactions were processed on yet another similar version of the Beacon Chain.

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Ethereum Liquidations Merge Upgrade
Ethereum Liquidations Top $157M After Merge Upgrade Test Hits Snag
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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