Ethereum Slides Below $2,400 Amid Crypto Market Turmoil
Ethereum’s price has taken a hit, dipping close to $2,400. This decline is part of a broader crypto market downturn, influenced by tensions between Donald Trump and Elon Musk.
The crypto market is feeling the heat. The price of Ethereum has dropped to around $2,456, a 6% fall in just 24 hours. This decline is part of a larger crypto market downturn.
According to crypto.news, Ethereum’s price has fallen from $2,634 to as low as $2,408. The token’s daily trading volume has risen by nearly 64%, showing increased market activity. in the past week, Ethereum has lost over 6% of its value. The token had previously shown promise, reaching $2,731 on May 29. However, the recent tensions between Donald Trump and Elon Musk have sparked this downturn.
The crypto market cap has also taken a hit,dropping nearly 4% from $4.1 trillion to $3.29 trillion. Bitcoin, the largest cryptocurrency, is down by 1.2%, trading at $103,438. The total value locked in Ethereum has fallen by 4% to $59.9 billion. despite this,Ethereum’s on-chain fees have doubled,reaching $2.26 million on June 6.
Traders believe the fall began when musk resigned from his role and criticized Trump’s spending bill. In response, Trump revoked Jared Isaacman’s NASA nomination.
Ethereum co-founder Vitalik Buterin admits that while Ethereum excels in censorship resistance and security, Bitcoin leads in coding simplicity and protocol stability.
