The market is trading in red today as Bitcoin, and Altcoins including Ethereum see a tremendous decline. As of writing, Bitcoin price has decreased by 8.11% in the last 24 hours. Ethereum price decreases by 7.87%.
The global crypto market cap stands at 931.99 billion USD, slipping down by 60 billion in a mere 24 hours, a decrease of 6.59% over the past day. The total crypto market volume in the last 24 hours increased by 46.85% and is currently at 65.70 billion USD.
Ethereum (ETH) price dips by 7.87%
The second largest crypto, Ethereum price today dropped by 7.87% in the last 24 hours. The market cap for Ethereum is 173.09 billion USD. Moreover, trading volume increases by 58.60% over the previous 24 hours, showing decreased interest among investors. Each ETH token is trading for 1,414 USD, thus, falling below the support level of 1500.
Source: coinmarketcap
The Shanghai upgrade which was all set to be executed by the end of March has been pushed further to April. The launch of the Goerli testnet, which serves as a thorough dress rehearsal for the Shanghai upgrade, is currently scheduled by Ethereum’s developers to take place on or around March 14.
Why is ETH plunging in the last 24 hours?
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There are several reasons for the declining price of Ethereum, the major reasons being a couple of events in the last 24 hours that led to the crash of crypto market.
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Against the backdrop of a significant liquidity crisis, Silvergate Bank opted to cease its operations and transition into a state of liquidation. Notably, Block.One, the parent company of EOS has recently recorded an enormous $83 million gain in its equity holdings in Silvergate Capital.
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As Coingape reported, the New York Attorney General’s office initiated legal action against KuCoin on Thursday. The lawsuit alleges that the company engaged in the promotion of unregistered securities and commodities. KuCoin, which is headquartered in Seychelles, has been accused of carrying out business activities in New York without registering as a broker-dealer of securities and commodities.
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The Chair of the US Federal Reserve, Jerome Powell, cautioned that the central bank may increase interest rates beyond the projected range as inflation continues to rise. These economic conditions are certainly impacting the price of Ethereum as well.
