Today, the crypto market has seen a panic-like decline due to the expectation of a global economic recession. The price of Bitcoin (BTC) has plummeted from $60,000 to below $50,000 in just two days, and Ethereum (ETH) has fallen from over $3,000 to a low of nearly $2,100. Despite the many unfavorable factors in the global macroeconomic situation, the cryptocurrency market's plunge today was mainly attributed to the massive sell-off by the well-known cryptocurrency institution Jump Trading.
Jump Trading has dramatically sold off hundreds of millions of dollars worth of Ethereum in a week while facing an investigation by the U.S. Commodity Futures Trading Commission (CFTC). The crypto market is already on edge, and rumors that Jump Trading's crypto business may be shutting down have exacerbated the market's panic.