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

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. JUST IN CRYPTO: $ETH #ETHEREUM Ethereum Liquidations Top $157M After Merge Upgrade Test Hits Snag https://t.co/te3zV7FexN #CWN #Crypto @omergunes042 @ladymetanft — Crypto Wire News (@CWireNews) May 27, 2022 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 t...