Market Plunge Kickstarts the Day: Ethereum (ETH) Nears $1700 Again!

• The cryptocurrency market has started the day with a decline, following Bitcoin’s drop to $27,200.
• Most cryptocurrencies have accelerated their losses since the morning, capturing a downward momentum.
• Ethereum (ETH), which lost 0.75% in the last 24 hours, has significantly approached the $1700 level.

The cryptocurrency market has seen a downward trend, with Bitcoin’s drop to $27,200 leading the way. Most cryptocurrencies have seen increased losses, with Ethereum (ETH) nearing the $1700 mark after a 0.75% loss in the last 24 hours.

Cryptocurrency Market in Decline

The cryptocurrency market has started the day on a downward trend, following Bitcoin’s drop to $27,200. Most high market cap cryptocurrencies have seen losses, reversing the strong upward trend seen earlier in the week. According to CoinMarketCap (CMC) data, the total market value of the crypto industry has dropped to $1.08 trillion.

With the market’s upward trend on Tuesday, trading volumes also saw a significant decrease. The total 24-hour trading volume of the cryptocurrency market recorded a drop of over 50%, falling below $28 billion, according to CMC data.

Ethereum (ETH) Drops Back to Critical Levels

Ethereum (ETH), which has been unable to surpass the $1680 to $1700 range despite multiple tests in recent weeks, managed to exceed $1700 following Grayscale’s victory in the SEC case on Tuesday. ETH saw a rapid rise immediately after the news was announced, reaching up to $1740.

However, the cryptocurrency market, which saw a strong rise during this period, has returned to a downward trend within the week. Bitcoin, the leading cryptocurrency, has dropped to $27,200.

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With the cryptocurrency market showing a downward trend, Ethereum (ETH) also started the day with a decline. ETH, which recorded an average loss of 0.75% in the last 24 hours, has significantly approached the $1700 level. In addition, ETH’s total 24-hour trading volume recorded a drop of over 60%, while ETH’s total market value dropped to $205.95 billion.