MakerDAO [MKR]: Liquidation fears looming, thanks to…

ambcrypto.com:

Blockchain analytics firm PeckShieldAlert informed the community on Twitter today (19 September) that a certain vault on MakerDAO was actively under the threat of liquidation as Ether’s price dipped below $1300, at the press. 

As per data from Oasis.app, ETH-B Vault 28300, which currently has $4.3 million (3354.5 ETH) as locked collateral, came dangerously close to being liquidated earlier today as Ether ventured close to its liquidation price of $1284.72. 

ETH fell as low as $1290 before recovering to $1300. A less than 2% drop in Ether’s price is enough to trigger the liquidation of the said vault. The vault has an outstanding debt of 3,315,147 DAI and is on the verge of default.

Data from on-chain intelligence firm DeFiLlama showed the liquidatable amount in the event of certain price declines. As of now, a 20% price decline will lead to a liquidation of more than $95 million. 

After some positive movement over the weekend, the industry witnessed a bloodbath today as over $60 billion was wiped out from the crypto industry.

Total crypto market capitalization dipped below $1 trillion again, with several cryptocurrencies witnessing a double-digit decline.

At the time of writing, Ethereum was trading at $1292, down more than 10% over the past 24 hours. Data from Coinglass revealed that Ethereum witnessed a liquidation of over $160 million on several crypto exchanges.

Interestingly, Ethereum’s trading volume has seen a massive surge, precisely 94% compared to yesterday (18 September).

Ethereum’s drop from its pre-merge price of $1780 to less than $1300 as of now has prompted several in the industry to blame the merge for the decline in ETH. The positive marketing around the merge had created hopes of a positive impact on ETH’s