CDS Crypto News Ethereum Price Plummets to 2024 Low of $2,193, Bitcoin Slips Below $53K
Crypto News

Ethereum Price Plummets to 2024 Low of $2,193, Bitcoin Slips Below $53K

69
Ethereum Price Plummets to 2024 Low of $2,193, Bitcoin Slips Below $53K

Ethereum Price Plummets to 2024 Low Amid Bitcoin ETF Frenzy and Broad Crypto Market Slump

According to CoinMarketCap, Ethereum‘s price fell by around 3.48% in a single day, hitting its lowest level since 2024. A level not seen since last year was reached by the second-biggest coin on Friday, $2,193. In comparison to most of the largest currencies and tokens, the asset has dropped by 9.59% in the last week.

After plunging 2.97% over the previous day, the price of Bitcoin likewise dropped sharply to $52,690 before slowly rising to $54.425. Investors seeking quick profits from the recently authorized spot Bitcoin ETFs have also caused difficulties for the market.

Crypto Market Cap Falls Below $2 Trillion, $272M in Positions Liquidated Due to U.S. Economic Data

Crypto Market Cap Falls Below $2 Trillion, $272M in Positions Liquidated Due to U.S. Economic Data

It has now dropped below the $2 trillion threshold for the first time since February, with the total market capitalization of the crypto at $1.92 trillion, a 2.46% 24-hour decline. In addition, CoinGlass data indicates that positions totaling over $272 million across all cryptocurrencies have been liquidated in the last day. Closed long positions of $221 million were those that were wagering on an increase in the asset’s price.

As a result of Friday’s volatile global markets caused by weaker-than-expected U.S. data, investors are selling risk-on assets like equities and cryptocurrency. With IT stocks taking the brunt of the sell-off, the American stock market has also experienced its worst week since March 2023.

For more up-to-date crypto news, you can follow Crypto Data Space.

Ethereum Price Plummets to 2024 Low of $2,193, Bitcoin Slips Below $53K
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Memecoins Explained: The Intersection of Internet Culture and Crypto

Binance Research's report analyzes the rise of memecoins, highlighting their cultural impact,...

ETH Price Faces Challenges Amid ETF Outflows

Ethereum (ETH) struggles to maintain price above $2,500 amid ETF outflows and...