Ethereum Price Slumps Amidst $5 Billion Market Liquidations

Ethereum (ETH) experienced a significant drop in price over the past 24 hours, falling by nearly 13.7% to around $3,759 as of CoinMarketCap data. This sharp decline coincided with a wave of liquidations across the cryptocurrency market, exceeding $5 billion in leveraged positions being liquidated within a single day. ETH’s market cap also fell 13.8% to $453.8 billion as trading volume surged by 53.6% to reach $72.79 billion. This suggests investors were actively selling their positions due to fear and panic, further fueled by Bitcoin’s decline below $107,000.