CyberKongz will issue a new token, KONG, to replace BANANA, and 2% will be airdropped to the Ethereum NFT community

The post Ethereum Dip Triggers Million-Dollar Losses for Traders appeared on BitcoinEthereumNews.com. Ethereum (ETH) extended its downward trend today, leading to widespread liquidations and millions in losses for crypto traders.  This comes amid a broader decline in the crypto market. Major cryptocurrencies are continuing to suffer losses, and today is no exception. Ethereum’s Market Correction Hits Traders Hard BeInCrypto Markets data showed that ETH has slipped 7.3% since the beginning of the week. This dip follows the second-largest cryptocurrency’s rise to multi-year highs. Ethereum’s value has decreased 1.54% over the past day alone. At the time of writing, it was trading at $4,166. Ethereum (ETH) Price Performance. Source: BeInCrypto Markets While corrections are typical, they proved costly for those who wagered on the market moving upwards. CoinGlass data revealed total liquidations reached $486.6 million over the past 24 hours.  This figure reflected the liquidation of 136,855 traders. Ethereum bore the brunt of the market drop, with $196.8 million in positions liquidated. Of this, $155.15 million came from long positions. Lookonchain, a blockchain analytics firm, recently spotlighted a trader who profited millions by going long on Ethereum, only to see nearly all those gains wiped out within two days. The trader began with a $125,000 deposit into Hyperliquid four months ago. He strategically entered long positions on ETH across two accounts. The trader used his profits to boost his position to 66,749 ETH. With this strategy, his total equity surged from $125,000  to an impressive $29.6 million. Furthermore, earlier this week, this trader closed all 66,749 ETH long positions, securing a profit of $6.86 million.  However, amid the recent market crash, the trader re-entered the ETH market but was ultimately liquidated, losing $6.22 million in the process. “Starting with just $125,000, he grew his accounts to $6.99 million (peaking $43 million+). Now only $771,000 remains—4 months of gains nearly wiped out in just…

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Paul Atkins says the SEC will launch the President’s Digital Assets Group soon.