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
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.
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