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Ethereum has been severely affected by the recent market downturn, which has wiped out half a trillion dollars from the crypto sector.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/5f83f6d5625d44cb9985671f19202748.png" />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 <a href="https://cryptosheadlines.com/top-5-tokens-poised-to-exceed-solanas-market-cap-in-2024/" rel="noopener noreferrer nofollow">top 15 cryptocurrencies by market cap</a>.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/cae14d5a15574076b50b3f8089280202.png" /><h3 id="ethereum-faces-30-weekly-loss-amid-market-chaos">Ethereum Faces 30% Weekly Loss Amid Market Chaos</h3>Ethereum has <a href="https://cryptosheadlines.com/solana-surges-as-wen-drops-30-due-to-whale-sell-off/" rel="noopener noreferrer nofollow">dropped 30%</a> 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.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/6741a49cba7448d880097fac7b5f9993.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/df64bad2f4e74f6f831ae26e66c943f7.png" />Source: <a href="https://x.com/lookonchain/status/1820321011730116636" rel="noopener noreferrer nofollow">X</a>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 <a href="https://cryptosheadlines.com/memecoins-plummet-18-following-major-crypto-sell-off/" rel="noopener noreferrer nofollow">sell-off following disappointing revenue reports from major companies</a>. Analyst and trader Rekt Capital notes that the Bitcoin CME gap has now been filled, which might help stabilize the market.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/cae14d5a15574076b50b3f8089280202.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/7bfc4a2123734c3dbd35b451f6d10da7.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/952ca469b7d44eecaa2e19a4b5a7cc56.png" /><a href="https://cryptosheadlines.com/bnb-chain-outperforms-competitors-will-it-boost-bnbs-price/" rel="noopener noreferrer nofollow">Also Read: BNB Chain Outperforms Competitors: Will It Boost BNB’s Price?</a>Source: <a href="https://x.com/rektcapital/status/1820198208724771210" rel="noopener noreferrer nofollow">X</a><h3 id="bitcoin-hits-lowest-level-since-february-amid-massive-market-crash">Bitcoin Hits Lowest Level Since February Amid Massive Market Crash</h3>Bitcoin fell to $52,600 during Monday morning trading in Asia, 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.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/86a0984eac3a4916b507e2e8988c4bf8.png" />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.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Ethereum Falls 23% in Market Crash: What’s Next for ETH?

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