Major Ethereum Whale Faces Liquidation Risk as MakerDAO Price Update Impacts DeFi

A significant Ethereum whale is facing potential liquidation risk due to a price update from MakerDAO, potentially impacting the entire decentralized finance (DeFi) ecosystem. This event comes at a time of heightened market volatility in the crypto space. 56,995 ETH held by this whale are nearing the liquidation threshold of $1,564.58, set by MakerDAO’s price oracle. The update has pegged Ethereum’s price at $1,531.63, which is below the required amount for automatic liquidation. 1:00 PM today, the price update triggered a potential cascade of selling pressure on Ethereum as well as related assets like DAI and MKR.