Ether crashes below $3,000 amid US recession fears
Release: 2024/08/03 20:29 Reading: 732
Ether's value has plummeted by 5% in the past 24 hours, falling below $3,000 amid a broader crypto market decline. ETH has suffered a series of losses due to heightened selling pressure induced by a lackluster U.S. jobs report.
The global crypto market has been impacted by the rise in the U.S. unemployment rate, which climbed from 4.1% to 4.3% last month, suggesting an early sign of recession. The combined crypto market capitalization has dropped by more than 4% over the past day, reaching $2.2 trillion.
Ether ETF Outflows Continue
Despite the SEC's approval of Ether-linked Exchange-Traded Funds (ETFs), Ethereum's price has dropped nearly 10% in the past 30 days. This follows a surge to $3,500 prior to the ETF launch due to the hype surrounding its introduction.
Reports of significant outflows from newly released Ether ETFs have exacerbated the selling pressure. Data indicates that ETH ETFs experienced a net outflow of $54.27 million on August 2. However, the cumulative outflow has reached $510.7 million, signaling a substantial sell-off.
Grayscale ETHE reported an outflow of $61.43 million over the last 24 hours and $2.12 billion to date. Fidelity's FETH witnessed an inflow of $6.02 million, while Franklin's EZET recorded a positive flow of $1.14 million on August 2.
Ethereum and Altcoins Slide
Ether's price has declined by 9% over the past 7 days, reflecting investor sentiment. ETH is currently trading at an average price of $2,990. Despite the decline, it remains up by 31% year-to-date.
Coinglass data reveals that over $80 million worth of long and short positions on Ethereum's price action have been liquidated in the last 24 hours. $71.60 million worth of liquidated bets (89%) were long positions, indicating that traders anticipated a price increase before a bearish trend swept through the market.
Major altcoins have followed Ethereum into the bearish zone, with the Fear and Greed Index falling below 50 points to indicate a Neutral sentiment. Solana (SOL) and BNB have dropped by 6% and 8%, respectively. BNB has surpassed SOL to become the 4th largest crypto by market capitalization. Solana has experienced an 18% decline over the past 7 days.
Popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have also declined significantly, with losses of 16% and 14%, respectively, over the past week. PEPE and WIF have experienced even sharper declines, dropping by 22% and 35%, respectively, during the same period.
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