Ethereum’s price has dropped below $1,900, endangering a major DeFi loan secured by $130 million in ETH. The loan on the Sky lending platform is at risk of liquidation as ETH plunged nearly 10% to around $1,820, nearing the liquidation threshold. To counter this risk, the borrower has made several transactions to support the collateral, but the situation remains precarious with significant amounts of other loans also at risk due to falling ETH prices, potentially leading to a chain of liquidations that could impact the broader market.
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