Ethereum Plummets and Recovers: Hackers Sell, Whales Buy Amidst Market Volatility

Ethereum experienced a significant drop in price yesterday, plummeting to a multi-month low of $3,500 before recovering slightly to $3,850. This dramatic crash saw investors engage in contrasting behaviors, with some selling heavily while others took advantage of the dip by buying. The comparison to the 2017 flash crash is notable. This recent market downturn is one of the most severe for major cryptocurrencies like Bitcoin and Ethereum since the Covid-related sell-off in March 2020.