Ethereum Hits $2,200!

In an unexpected twist, Ethereum , the second-largest cryptocurrency, experienced a dramatic drop in a single day. The price of this digital currency plummeted by 23%, reaching its lowest level since early January. This freefall even overshadowed the launch of the first Ethereum spot ETFs in the U.S. last month.

Several factors combined to create this financial storm. Trading firm Jump Crypto began a massive sell-off, weak economic data from the U.S. and Asia emerged, and technology stocks also fell.

Bitcoin also felt the effects of this turmoil. The price of this leading cryptocurrency dropped to its lowest level since late February, falling 27% from its historic peak in mid-March.

This digital upheaval is regarded as the largest market shock since the mid-2022 collapse of Terra (LUNA). That event wiped out over half a trillion dollars from the cryptocurrency market and decreased its overall value by 22%.

Investors and analysts are now holding their breath, awaiting calm after the storm and trying to predict the future path of this turbulent market.