{"id":189824,"date":"2021-05-10T08:00:08","date_gmt":"2021-05-10T07:00:08","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=189824"},"modified":"2021-05-10T10:40:10","modified_gmt":"2021-05-10T09:40:10","slug":"ethereum-eth-breaks-4000-as-shorts-lose-77-million","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethereum-eth-breaks-4000-as-shorts-lose-77-million\/","title":{"rendered":"Ethereum (ETH) breaks $4,000 as \u2018shorts\u2019 lose $77 million"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\"><span style=\"font-weight: 400;\">Ethereum<\/span><\/a><span style=\"font-weight: 400;\"> broke the $4,000 level this morning ahead of the upcoming Ethereum Improvement Proposal (EIP)-1559 in July, data from multiple sources show.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The world\u2019s second-largest asset by market cap ($470 billion) and is arguably the most-used blockchain (it settles billions of dollars in transactions each day). ETH\u2019s circulating supply is 115 million and it trades at $4,130 at press time.<\/span><\/p>\n<figure id=\"attachment_189825\" aria-describedby=\"caption-attachment-189825\" style=\"width: 1805px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-189825\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/Vt9EybYX.png\" alt=\"\" width=\"1805\" height=\"855\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/Vt9EybYX.png 1805w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/Vt9EybYX-300x142.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/Vt9EybYX-1024x485.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/Vt9EybYX-768x364.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/Vt9EybYX-1536x728.png 1536w\" sizes=\"(max-width: 1805px) 100vw, 1805px\" \/><figcaption id=\"caption-attachment-189825\" class=\"wp-caption-text\"><a href=\"http:\/\/tradingview.com\/symbols\/ETHUSD\/\">ETH\/USD<\/a> via TradingView.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The price surge saw over <\/span><a href=\"https:\/\/www.bybt.com\/LiquidationData\"><span style=\"font-weight: 400;\">$77 million worth of \u2018shorts\u2019<\/span><\/a><span style=\"font-weight: 400;\"> get liquidated, data on markets tool Bybt shows. \u2018Liquidations,\u2019 for the uninitiated, occur when leveraged positions are automatically closed out by exchanges\/brokerages as a \u201csafety mechanism.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Futures and margin traders\u2014who borrow capital from exchanges (usually in multiples) to place bigger bets\u2014put up a small collateral amount before placing a trade. If the market moves against them, the collateral is fortified and the position said to be \u2018liquidated.\u2019<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And those betting <\/span><i><span style=\"font-weight: 400;\">against<\/span><\/i><span style=\"font-weight: 400;\"> Ethereum took the brunt of liquidations yesterday. Of the $77 million in capital liquidated, Bitmex traders lost $26 million while Binance traders lost over $11 million.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The single largest liquidation was a Bitmex ETH trade to the tune of $25 million.<\/span><\/p>\n<h2><b>Ethereum burning catalyst<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The EIP-1559 is a favorable catalyst driving ETH prices skyward. The proposal battles the network\u2019s high gas fee issue and emission rate by introducing a \u2018burning\u2019 mechanism to all network transactions\u2014meaning everything someone pays gas on Ethereum, the network automatically burns that amount.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The above leads to a perpetually decreasing ETH supply and is even termed &#8220;Ethereum's scarcity engine&#8221; in some circles. This, in turn, is a favorable upcoming event for traders and investors are, as a decreasing supply would mean <\/span><i><span style=\"font-weight: 400;\">higher<\/span><\/i><span style=\"font-weight: 400;\"> prices as demand for Ethereum increases\/remains the same in the future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Crypto research companies like Delphi Digital had <\/span><a href=\"https:\/\/cryptoslate.com\/research-firm-ethereum-2-0-and-eip-1559-will-boost-eths-long-term-value-proposition\/\"><span style=\"font-weight: 400;\">identified this value growth<\/span><\/a><span style=\"font-weight: 400;\"> back in August 2020. \u201cTying things together, EIP 1559 and staking [create a] symbiotic relationship where not only does increase usage drive value,\u201d the firm said in a report then<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It added, \u201cBut the introduction of cash flows to a wider group of participants for securing the network creates a more effective long term value proposition [for ETH].\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum broke the $4,000 level this morning ahead of the upcoming Ethereum Improvement Proposal (EIP)-1559 in July, data from multiple sources show. The world\u2019s second-largest asset by market cap ($470 billion) and is arguably the most-used blockchain (it settles billions of dollars in transactions each day). ETH\u2019s circulating supply is 115 million and it trades [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":189834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323,6849],"tags":[60923],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum (ETH) breaks $4,000 as \u2018shorts\u2019 lose $77 million<\/title>\n<meta name=\"description\" content=\"Ethereum broke the $4,000 level this morning ahead of the upcoming Ethereum Improvement Proposal (EIP)-1559 in July.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ethereum-eth-breaks-4000-as-shorts-lose-77-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum (ETH) breaks $4,000 as \u2018shorts\u2019 lose $77 million\" \/>\n<meta property=\"og:description\" content=\"Ethereum broke the $4,000 level this morning ahead of the upcoming Ethereum Improvement Proposal (EIP)-1559 in July.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ethereum-eth-breaks-4000-as-shorts-lose-77-million\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-10T07:00:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-10T09:40:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/ethereum-moon.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ethereum-eth-breaks-4000-as-shorts-lose-77-million\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ethereum-eth-breaks-4000-as-shorts-lose-77-million\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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