Ethereum has plunged to its lowest price in 2024, dropping nearly 8% in just 24 hours. This dramatic fall to $2,193 has sent shockwaves through the crypto market, with investors scrambling to reassess their positions. Over the past week, Ethereum has seen a 13% decline, outpacing many other major cryptocurrencies.
The sharp drop is largely attributed to a wave of liquidations, with over $272 million in positions being liquidated in the past 24 hours alone. This includes $221 million in long positions, reflecting a significant shift in market sentiment. The broader financial landscape is also experiencing a sell-off in ârisk-onâ assets, including both cryptocurrencies and equities, following disappointing economic data from the U.S.
Market analysts are closely watching the situation, speculating on the potential long-term impacts. Some believe this could be a temporary setback, while others warn of more significant challenges ahead. Despite the current turbulence, many investors view this as an opportunity to buy the dip, hoping for a market rebound.
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