Bitcoin

Ethereum

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?

Table of Contents

CryptosHeadlines.com

Other articles published on Aug 5, 2024

Understanding the Working Process of AI-Based Legal Smart Contracts

JITO Foundation Releases Code for Jito Restaking on Solana

Jump Trading Sells Ethereum During Market Downturn

US senators urge CFTC to finalize ban on election betting

Fuse and Hyperlane Partner to Advance Cross-Chain Solutions

BC.GAME Partners with Cloud9 as the Organization Expands Esports Portfolio with Entity Acquisition

Join our free newsletter for daily crypto updates!