Any remaining collateral after the debt is paid is returned to the user. Ethereum price at bear market lowsETH prices have crashed a whopping 14.5% over the past 24 hours, falling to $1,547 at the time of writing as the wider crypto market melts down in reaction to US President Donald Trump’s tariff-induced market sell-off. The last time ETH traded this low was in October 2023, when crypto was still deep in bear market territory, almost a year after the collapse of the FTX exchange. ETH remains down 68% from its all-time high in 2021, and further losses are likely to see more DeFi users liquidated unless they can provide more collateral. Related: Bitcoin price drops below $80K as stocks face 1987 Black Monday rerunAccording to CoinGlass, 320,000 traders have been liquidated over the past 24 hours to the tune of almost $1 billion dollars.
An Ether investor who had a large position on decentralized finance (DeFi) lending platform Sky has been liquidated to the tune of more than $100 million as the price of Ether crashed. The Ether (ETH) whale lost 67,570 ETH worth around $106 million when the asset crashed by around 14% on April 6, liquidating his collateralized debt position on Sky, according to Maker Vaults explorer DeFi Explore, and as observed by Lookonchain.
The system uses an overcollateralization ratio, typically 150% or higher, meaning that users need to deposit at least $150 worth of ETH to borrow 100 DAI. The protocol autonomously monitors the value of ETH collateral relative to the borrowed DAI, and if the ETH value falls and the collateral ratio drops below the minimum requirement, the position becomes eligible for liquidation.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Martin Young
The story "Ethereum whale gets liquidated $106M on Sky amid crypto bloodbath" has 417 words across 17 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Ethereum whale gets liquidated $106M on Sky amid crypto bloodbath" was covered 22 hours ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 68 news stories per day.
It's most recent story was published 7 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
