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The cryptocurrency ether fell to 9% this Monday, falling below its critical support level of $3,600, shortly after a multimillion dollar computer attack affected a protocol on the native network of the token, reported CNBC. The cryptocurrency, issued in Ethereum, closed with a drop of 6.6%, according to data from CoinMetrics. This represents approximately 25% less than its maximum of $4,885 reached on August 22. The currency collapse occurred af…
Crypto Market's $100 Billion Plunge: Understanding The Causes And Signs Of A Possible Recovery
The crypto market is known for its rapid ups and downs, but the recent $100 billion drop in just one day was still a shock for many traders. The total market value fell from about $3.6 trillion to $3.5 trillion, reminding everyone that even in strong years, unexpected events can cause sharp declines. These pullbacks can feel worrying, but they are also a normal part of the crypto cycle. Understanding what caused this particular drop helps invest…
Ethereum, the second-largest cryptocurrency by market capitalization, plummeted immediately after a $100 million hack. According to CoinMarketCap, a cryptocurrency market information website, Ethereum was trading at $3,628 as of 9:45 a.m., down 6.64% from the previous 24 hours. The price fell to $3,560 on the day before but has since rebounded slightly. This represents a drop of over 26% compared to its yearly high of $4,953 on August 25th.
Ether fell nearly 9% on Monday, falling below $3,600, following a hacker attack and unfavorable macro news, CNBC reported.
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