The cryptocurrency market experienced a downward trend this week, causing the leading cryptocurrency BTC to drop below $26,000. Ethereum (ETH), which accelerated its losses due to the downward trend in the market, surpassed the $1700 level during the week but retreated to around $1630 again.
What’s the Current Situation in the Cryptocurrency Market?
After a strong rise on Tuesday, the cryptocurrency market started to decline again during the week and continued to fall at the beginning of the weekend. The leading cryptocurrency Bitcoin (BTC) has yet to surpass the $26,000 level, despite a temporary rise during the day.
Several cryptocurrencies experienced significant losses throughout the week due to the downward trend in the cryptocurrency market. According to CoinMarketCap (CMC) data, the total market value of the cryptocurrency ecosystem retreated to $1.04 trillion after the recent declines.
Furthermore, there has been a significant increase in volatility in the market. According to Coinglass data, approximately $100 million worth of short and long positions were liquidated in the cryptocurrency market within the past 24 hours.
What’s the Current Situation with Ethereum (ETH)?
Due to the downward trend in the cryptocurrency market and the losses in the leading cryptocurrency BTC, Ethereum (ETH) also experienced a rapid decline. After surpassing the $1700 level on Tuesday and briefly reaching $1740, ETH retreated to critical levels again.
The decision of the US Securities and Exchange Commission (SEC) to delay the approval of Spot Bitcoin ETF applications led to a new decline in the cryptocurrency market. Most altcoins in the cryptocurrency market have experienced varying degrees of losses in recent days. During this process, ETH, which led to significant losses in many high-market-cap cryptocurrencies, experienced minor increases but has yet to surpass the $1640 level. Additionally, ETH’s total market value dropped below $200 billion due to the recent losses during the week.
