Crypto Market Faces Severe Downturn Threatening Stability

Global Crypto Market Faces Severe Downturn
The global cryptocurrency market is undergoing a significant downturn, with increasing liquidations threatening the stability of both Bitcoin and altcoins.
Bitcoin Market Crash
Bitcoin’s price has dropped from $62,829 four days ago to $54,541 today, an 11.5% weekly decline. Selling pressure has intensified, with Bitcoin falling by 7.3% in the last 24 hours alone. The hourly charts show strong selling activity, marked by several significant red candlesticks.
Ethereum Follows Suit
Ethereum has also experienced a sharp drop, declining by 16.3% in the past week. Currently priced at $2,868.8, it has fallen from a weekly peak of $3,441 on July 1. Panic selling has increased, with over 221,704 traders liquidating their holdings in the last 24 hours. Ethereum liquidation has surpassed Bitcoin, with $44.5 million liquidated in the past hour alone.
Uncertain Future for Ethereum
The cause of Ethereum’s price drop is unclear, but expert Antony Sassano suggests issues with the Grayscale ETHE Fund might be contributing to investor anxiety. The fund’s recent price increase above the actual Ethereum it represents has raised concerns about future fees when it converts to an ETF.
Memecoin Sector Plummets
The top ten meme coins have seen significant declines, with losses ranging from 17% to 25%. Dogecoin, Shiba Inu, and Pepe have dropped by 15.5%, 14.9%, and 16.2%, respectively. Other notable declines include Dogwifhat, Bonk, and FLOKI.
With the launch of the Ethereum Spot ETF approaching, the future of the crypto market remains uncertain. Whether this development will lead to a market rebound is still unknown.
Discussion
Are you worried about the crypto crash, or are you staying calm? Share your thoughts!