The number of ETH addresses in loss has just reached 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.
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.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
