The price of Ethereum [ETH] briefly falls below $ 750 on Kraken
After an extended bullish streak, Ethereum (ETH) underwent a major change with its price falling close to $ 700. However, the coin continued above $ 1,600 on other major cryptocurrency exchanges.
ETHUSD on Kraken traded <$ 750 pic.twitter.com/0EyPnnoDmY
– skew (@skewdotcom) February 22, 2021
The latest news comes at a time when the collective crypto market had a market capitalization of $ 2 trillion. As for Ethereum, the altcoin spiked above the coveted $ 2,000 level on February 20 before returning to its immediate support region of $ 1,700.
With the latest downtrend, ETH cut almost half of its value on Kraken.
After the massive drop, this is what he tweeted Kaiko Data:
“This is what happens to the depth of the order book during a price drop. Market depth dissolved, ETH flash fell below $ 1,000 on Kraken. '
Ethereum's season below $ 750 was short-lived on Kraken, as the cryptoasset rallied relative to the other exchanges nearly 20 minutes later. The exchange said in a release that some users were experiencing some connection issues due to heavy traffic and added:
“We are receiving reports from customers having difficulties connecting to the site and the API. The problem seems to be related to heavy traffic. We are working to resolve the issue and will update it as soon as we have more information. "
After Ethereum, Bitcoin falls on another exchange
It is important to note that it was not just ETH that experienced a massive dislocation in terms of its value. Bitcoin also experienced a drop that took its price below $ 47,000 on the Coinbase platform. The cryptoasset has returned to the price at press time above $ 53,000 on various exchanges.
This comes just hours after reports surfaced of the massive selloffs of derivative positions that took place in the last 24 hours. It was accompanied by the world's largest crypto asset plunge of $ 58,000, dropping more than $ 5,000 in a matter of hours.
According to the latest graphics from BybtApproximately $ 1.5 billion in open interest (OI) was settled by cryptocurrency exchanges during that period.
Several Altcoins on Kraken follow suit
In a similar event, the price of Cardano (ADA) on Kraken also fell to levels last seen earlier in the year. After falling to $ 0.15, the altcoin rallied and was found to be changing hands at $ 1.05 at the time of writing.
Other top currencies on the cryptocurrency leaderboard also saw a similar drop. Polkadot (DOT) fell below $ 13 before recovering to the price of $ 35 at press time. Bitcoin Cash (BCH) and XRP, on the other hand, did not see any significant downward price action during the same time, unlike their peer currencies.