After Grayscale’s victory in the SEC case on Tuesday, Ethereum (ETH) rose and reached price levels of $1740. However, it started to decline again as the leading cryptocurrency BTC began the day with losses. ETH lost an average of 0.75% in the last 24 hours and retreated to the $1700 levels. Most of the cryptocurrencies in the market started the day with various degrees of losses.
Crypto Market in Decline
The crypto market started the day with a decline as the leading cryptocurrency Bitcoin dropped to $27,200. Many cryptocurrencies with high market value experienced a decline again during the week after initiating a strong rise on Tuesday. The total market value of the crypto industry dropped to $1.08 trillion, according to CoinMarketCap (CMC) data.
With the market’s rise on Tuesday, there was also a significant decrease in trading volumes. The total trading volume of the crypto market in the last 24 hours dropped by more than 50% to below $28 billion, according to CMC data.
Ethereum (ETH) Falls to Critical Levels Again
Despite testing the levels of $1680 and $1700 several times in the past weeks, Ethereum (ETH) could not surpass them. However, after Grayscale’s victory in the SEC case and the rise it created in the crypto market, ETH surpassed the $1700 levels. ETH rapidly rose to $1740 immediately after the announcement of the news on Tuesday.
However, during this process, the crypto market, which experienced a strong rise, declined again during the week. The leading cryptocurrency BTC dropped to $27,200.
As the crypto market showed a downward trend, Ethereum (ETH) also started the day with a decline. ETH recorded an average loss of 0.75% in the last 24 hours and came close to the $1700 levels. Additionally, ETH’s total trading volume decreased by over 60%, and its total market value dropped to $205.95 billion.
