In a turbulent hour for the cryptocurrency market, Ethereum (ETH) has surpassed Bitcoin in liquidations, with ETH prices plummeting below the critical support level of $3,000 amidst heightened fear, uncertainty, and doubt (FUD).
The largest single liquidation on Binance’s ETH/USDT pair amounted to a staggering $18.48 million, reflecting widespread panic selling across the market. Over the past 24 hours, a total of $107 million in ETH liquidations has been recorded, underscoring the severity of the market downturn.
Despite anticipation around a potential Ethereum spot ETF by the end of July, developer Anthony Sassano pointed to concerns surrounding outflows from Grayscale’s ETHE trust, now trading at a premium after months at a discount. This has added to the negative sentiment impacting ETH prices.
Social media has amplified this sentiment, with record levels of FUD contributing to a stark contrast in trading sentiments. On-chain data from Santiment highlights a significant increase in “sell” mentions, outweighing “buy” mentions by the highest ratio seen in 2024.
Across the broader altcoin spectrum, including meme coins, declines have been substantial, with losses ranging from 10% to 25%. The future of meme coins, in particular, remains uncertain as traders assess whether recent losses mark the end of the meme coin hype or present a potential buying opportunity amidst market volatility.
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