ETH: Ethereum Falls Below $2,2k, Worst fall since April 6

Ethereum was down 10 percent for the day, trading at $2,175.

Quick overview

  • Ethereum experienced a significant drop of 10 percent, trading at $2,175, marking its largest single-day loss since April 6.
  • The cryptocurrency's market capitalization fell to $263 billion, representing 8.1% of the total market cap, down from a peak of $570 billion.
  • Despite the bearish market, a wealthy trader acquired approximately 9,400 ETH for about $39 million, increasing their total holdings to $330 million.
  • The decline in Ethereum's value coincided with rising geopolitical tensions, particularly a US military attack on Iran.

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Ethereum was down 10 percent for the day, trading at $2,175.

It was the biggest percentage loss in a single day since April 6, Ethereum’s market capitalization dropped to $263 billion, or 8.1% of the total market capitalization, amid the bearish market.

Ethereum’s market capitalization peaked at $570 billion.

 Ethereum’s price has fluctuated between $2,174.06 and $2,313 for the week. Ethereum’s value has dropped over the last seven days, falling 13.82 percent. it. fluctuated between $2,174 and $2,678 for the week.

Ethereum has dropped 55.30 percent from its peak of $4,864 on November 10, 2021.

A wealthy Ethereum trader has amassed tens of millions of dollars in Ether, despite a general market decline amid rising tensions in the Middle East and risk aversion..

213 acquired approximately 9,400 ETH (about $39 million) in two significant transactions, increasing its total Ether holdings to $330 million.

The decline occurred as markets processed news of a direct US military attack on Iran, which would have significantly escalated the ongoing Israel-Iran conflict, which started on June 13 with Israel’s “Operation Rising Lion.”.   Whale actively amassed Ethereum and used Lido’s liquid staking protocol to deploy it amidst the bear market.

ABOUT THE AUTHOR See More
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.

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