The post Why Ethereum Price is Down Today? ETH Leads Liquidation Event Amid Crypto Crash appeared first on Coinpedia Fintech News
Over the weekend, the crypto market has seen a massive bloodbath probably the biggest crash ever, with $2.24 billion wiped out in just 24 hours. Ethereum took the hardest hit, falling below $3,000 and causing over $600 million in liquidations. This massive sell-off was triggered by growing global tensions surrounding President Trump’s new trade tariffs, which have rattled investor confidence.
Ethereum Leads the Liquidation Event
Ethereum (ETH) led the charge in this massive liquidation, with over $609 million in positions wiped out as per data. The DeFi markets also faced panic selling which quickly spread across all products. Other major altcoins, like Cardano and Solana, took a nosedive.
Analysts are warning that if the economic and political problems continue, Ethereum and other crypto could drop further. Investors are now looking to see if Bitcoin and Ethereum can hold critical support levels, or if the market will see more downward movement.
What’s Causing the Ethereum Price Crash?
The real culprit behind the downtrend is the ongoing trade war between the U.S. and other countries. The U.S. recently imposed a 25% tariff on goods from Canada and Mexico, and a 10% tariff on Chinese products.
In response, Canada imposed tariffs on U.S. goods. President Donald Trump 
Donald Trump
Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election
President
is also considering tariffs on the European Union and BRICS nations if they create their currency.
These trade tensions are causing fears of inflation, delaying interest rate cuts, and increasing economic uncertainty. Investors had hoped for a positive market rally, but instead, they’re seeing a sharp decline.
A strategy to wipe the “Greed” from the market?
The impact of this massive sell-off was felt the most on major crypto exchanges like Binance, which accounted for 36.8% of the liquidations. Other exchanges like OKX, Bybit, and Gate.IO also saw significant losses. The majority of liquidations (84%) came from long traders, who were betting on a market rebound. Instead, they faced massive losses.
As the market sentiment turns to “fear,” many investors are becoming cautious about their positions. Historically, fear in the market can signal a potential buying opportunity, but with the ongoing global tensions and economic uncertainty, it’s hard to predict what will happen next.
Analysts weigh the Current Sentiments
Peter Schiff, a well-known Bitcoin critic, highlighted in his X post that the recent crypto market downturn is a sign of a “long crypto winter.” He pointed out Bitcoin’s 7% drop, trading above $93,000, and Ethereum’s sharp 33% plunge, falling to as low as $2,100. Schiff used the famous Punxsutawney Phil, the groundhog known for predicting the length of winter, to suggest that the crypto market is in for a prolonged downturn.
Meanwhile, Bitcoin advocate michael saylor
michael saylor
Michael J. Saylor is an enthusiastic blockchain influencer and a splendid leader. He is an entrepreneur and business executive who co-founded Microstrategy, he is chairman and CEO of the same Microstrategy. He is a vocal advocate of Bitcoin. He is highly skilled in enterprise software and also has a rich knowledge of numerous fields, including analytics, data warehouses, leadership, SaaS, management, cloud computing, startups, professional services, enterprise architecture, mobile devices, and many more.
Location: United States
Education :
He graduated from MIT in 1987 with a double major in aeronautics, science, technology, and society.
Experience:
He has been an Executive Chairman & Founder at MicroStrategy from Aug 2022 – Present
He was also Chairman, CEO & Founder of MicroStrategy from Oct 1989 to Aug 2022
Skills: Buisness Intelligence and Data warehousing
Net Worth: Saylor’s net worth is about $4.6 billion, according to Forbes. He also held 2.4 million shares of MicroStrategy
Events Attended: Bitcoin 2024 Nashville and BTC prague
msaylor@microstrategy.com
EntrepreneurCrypto and Blockchain ExpertAuthor
responded by urging people not to sell their Bitcoin. The crypto sell-off was sparked by macroeconomic concerns, leading to a significant drop in both Bitcoin and Ethereum, along with a nearly $360 billion drop in the market’s total value.
FAQs
Ethereum’s price drop is due to global trade tensions and tariffs, triggering panic selling and over $600M in liquidations.
The post Why Ethereum Price is Down Today? ETH Leads Liquidation Event Amid Crypto Crash appeared first on Coinpedia Fintech News
Over the weekend, the crypto market has seen a massive bloodbath probably the biggest crash ever, with $2.24 billion wiped out in just 24 hours. Ethereum took the hardest hit, falling below $3,000 and causing over $600 million in liquidations. This massive sell-off was triggered by growing global tensions surrounding President Trump’s new trade tariffs, …
This articles is written by : Nermeen Nabil Khear Abdelmalak
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