Ethereum Price Drop Triggers Major Liquidation Event

A substantial liquidation event occurred in the cryptocurrency market after Ethereum experienced a significant price drop over the past 24 hours. A monitored address holding a combined total of 43,600 WETH and 163.48 wstETH while borrowing 56 million stablecoins faced liquidation as Ethereum’s value plummeted by 20%. This event resulted in the seizure of 5,000 WETH worth approximately $6.93 million.