Ethereum slips below $2,500 as liquidations reach up to $333 million
CIE News ·
Ethereum dropped below $2,500 on October 8, leading market liquidations with between $311 million and $333 million in forced closures as crypto-linked equities slid.
Ethereum (ETH) fell below the $2,500 threshold on October 8, touching an intraday range between $2,413 and $2,467 at approximately 15:18 UTC. The decline led broad cryptocurrency market liquidations, with forced position closures in ETH totaling $311 million according to tradingview.com, while Bitcoin.com News reported ETH liquidations reached $333 million. The liquidations primarily impacted leveraged long contracts as ETH recorded a daily loss of roughly 5.5%.
The broader market downturn also weighed on digital asset equities. Shares of Ethereum treasury firm Bitmine Immersion Technologies (BMNR) fell more than 5% during midday trading to touch mid-September lows, according to tradingview.com. The slump occurred alongside Bitcoin (BTC) dropping below $81,000 amid surging crude oil prices and heightened geopolitical tensions in the Middle East.