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# Ethereum liquidations surpass $127 million in post-Merge volatility
- URL: https://btcpeers.com/ethereum-liquidations-surpass-127-million-in-post-merge-volatility-2/
- Published: 2022-09-16T16:26:13.000Z
- Updated: 2023-09-24T15:22:36.000Z
- Author: John Williams
- Tags: News, #saudu, #Import 2025-12-27 14:07

Following a successful Merge event by the Ethereum network, the price of Ether has tanked severely as the effects of the ongoing [crypto](https://btcpeers.com/what-is-the-best-cryptocurrency-to-invest-in/) winter continue to ravage the crypto market.

According to stats on CoinMarketCap, the second-largest cryptocurrency by market cap has dipped by 8% in just over 24 hours and is currently trading at around $1,449.

The cryptocurrency has shed over 14% of its value this past week, dropping from around $1,740 on Wednesday to $1,448 in the early hours of Friday. Its daily trading volumes have also plummeted within the past 24 hours by 19.11% to $20 billion.

Cryptocurrency futures trading platform Coinglass revealed that the bearish sentiment surrounding the digital asset has led to over $127.4 million in liquidation, with 80% of the liquidations (over $103 million) coming from bullish crypto traders with long positions.

Several factors may have been responsible for Ethereum's latest bearish run, the most significant being a statement from SEC chairperson Gary Gensler. In his statement, Gensler opined that proof-of-stake (PoS) cryptocurrencies could be considered securities.

On Thursday at 6:42 am UTC, the Ethereum blockchain finally transitioned from a proof-of-work (PoW) consensus mechanism to a proof-of-stake model. The new consensus allows Ethereum to offer returns to depositors in a staking process.

Gensler insists that the native assets of PoS blockchains could pass the Howey test, which is a critical test used to determine if an asset qualifies as an investment contract, thereby putting it under the jurisdiction of federal security policies.

The SEC chair's comments came at a time of a broader bearish action from the crypto market, fueled by the release of recent CPI figures that point to higher-than-expected inflation.

In other news, Bitcoin, the world’s largest cryptocurrency by market cap, is down around 4.2% and currently trades below the $20,000 mark.