Ethereum has been severely affected by the recent market downturn, which has wiped out half a trillion dollars from the crypto sector.
The price of Ethereum dropped 23% in under 24 hours, despite the recent launch of the first spot Ethereum exchange-traded funds (ETFs) in the U.S. Ethereum fell from about $2,900 late on Sunday to a low of $2,240 during Monday’s Asian trading session. This is the lowest price ETH has seen since early January and makes it the worst-performing asset among the top 15 cryptocurrencies by market cap.
Ethereum Faces 30% Weekly Loss Amid Market Chaos
Ethereum has dropped 30% over the past week and is down more than 50% from its all-time high. After a dramatic fall in August, the asset had briefly reclaimed $2,300 as the market’s free fall slowed.
In the past 12 hours, crypto liquidations have reached $676 million, with most of this in Ethereum long positions, according to Coinglass. A significant part of this market crash has been attributed to Jump Crypto, which has been offloading hundreds of millions of dollars in assets in recent days.
Source: X
Ethereum advocate Anthony Sassano views Jump Crypto’s exit as a potentially positive development for the industry, calling the firm a “complete parasite” and suggesting that its departure might benefit the crypto space.
Other contributing factors to the panic selling include weak economic data from the U.S. and Asia, and a tech stock sell-off following disappointing revenue reports from major companies. Analyst and trader Rekt Capital notes that the Bitcoin CME gap has now been filled, which might help stabilize the market.
Source: X
Bitcoin Hits Lowest Level Since February Amid Massive Market Crash
marking its lowest level since late February. The cryptocurrency has now corrected 27% from its all-time high reached in mid-March.
This weekend’s massive market crash is the largest since mid-2022, when the market collapsed following the Terra/Luna disaster. Over the past week, more than half a trillion dollars has exited the crypto market, causing a 22% drop in total capitalization.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
