Ethereum has hit its lowest price since 2024 after plunging nearly 8% in a 24-hour period, according to CoinGecko. The second largest coin fell to $2,193 on Friday – a level not seen since last year.
In the past week, the asset has fallen 13%—worse than most major coins and tokens.
After a 5% drop the previous day, Bitcoin price quickly fell to $52,690, recovering modestly to $53,516. The asset struggled as investors quickly cashed out of the newly approved space Bitcoin exchange-traded funds (ETFs).
The lows echo the previous across-the-board penetration on August 5th.
The current market cap of the entire crypto sphere is now $1.96 trillion, a 6% 24-hour drop, falling below $2 trillion for the first time since February.
And CoinGlass data shows that more than $272 million has been traded across all cryptocurrencies in the past 24 hours.
A total of $221 million in long positions — bets on the asset's value — were closed.
The attack comes as investors quickly flocked to “risky” assets such as crypto and equities after weaker-than-expected data exited the US on Friday.
The U.S. stock market also had its worst week since March 2023, with technology stocks bearing the brunt of the selloff.
All eyes are on the Federal Reserve this month as investors expect a rate cut from the central bank – but they're not sure how big the move will be. Fed Chairman Jerome Powell raised interest rates to a 23-year high to tackle inflation following the Covid-19 pandemic.
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