Crypto Market Downturn Causes Liquidations of ETH & UNI

A recent downturn in the cryptocurrency market has triggered partial liquidations of Ethereum (ETH) and Uniswap (UNI) positions, highlighting the significant impact regulatory changes can have on crypto markets. The event was fueled by both decreased demand and new regulations from the CFTC that led to heightened price volatility. The resulting losses impacted major players in the DeFi space, including BitMine who saw a substantial reduction in ETH reserves after facing forced liquidations. 20% of ETH’s value dropped as a result of these events, with over $970 million worth of leveraged positions being liquidated.