NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Tumbles Down, What’s The Reason Behind The Decline?

Denis
Denis
2 years ago
2 mins read
Ethereum Price Tumbles Down, What's The Reason Behind The Decline?

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The crypto market has recently witnessed different shades of events, impacting several assets negatively, such as Ethereum. The collapse of the FTX crypto exchange is still causing many downtrends in the market. The overall price trend in the market has maintained a southward move beyond expectations.

Related Reading

MATIC

MATIC Backpedals Into Bearish Track Despite Its Social Dominance

2 years ago

Besides the FTX saga, other activities have been erupting in the crypto space. Recently, Ethereum was hit with devastating selling pressure. The sudden move cut deep into the value of the second-largest crypto asset as it drops by over 8%.

At the time of writing, ETH is trading around $1,126, indicating a drop over the past 24 hours. Its market cap now sits at $137.49 billion. The token recorded a 24-hour trading volume of over $11.9 billion.

Ethereum Price Tumbles Down, What's The Reason Behind The Decline?
Ethereum price shows a decline l ETHUSDT on Tradingview.com

FTX Hacker Converts ETH To Bitcoin

Also, on Sunday, a recent report on the FTX hacker who stole about $600 million from the exchange revealed his latest activity. The fraudster has converted his ETH stash to Bitcoin. In his operations last week, The attacker converted all his stolen stablecoins to Ethereum, leading to a whopping amount of ETH worth $288 million.

With data from Etherscan, Colin Wu, a crypto journalist, reported on the hacker. Wu stated that the FTX hacker with address (0x59…d32b) is converting a massive ETH holding to BTC. As of Sunday, the hacker exchanged about 30,000 ETH into RenBTC. Subsequently, he later transferred 1,070 BTC to the Bitcoin network.

Ethereum Price Decline

Following the recent selling pressure on Ethereum, the second-largest cryptocurrency has now dropped in performance. Some experts think continuing the trend could push the price of Ether below the $1K level.

The broader crypto market is experiencing a correction as its dips by over 5% in a single day. Subsequently, the cumulative market cap has moved below the $800 billion region. At the time of writing, the value is $793.82 billion.

Ethereum’s price correction as of today is an off-shoot from that of the broader market. While ETH lost by over 8%, Bitcoin plummeted by just 4% as the price retracted to $16,109.16.

FTX Effects Still Raging

The collapse of the FTX exchange continues to damage the crypto space. The exchange is now indebted to the tune of $3.1 billion to its top creditors. Moreover, there are growing concerns that the crisis will cause more digital companies to crumble.

Related Reading

Litecoin

Litecoin (LTC) Up 8% In Last 24 Hours, The Biggest Gainer Out Of Top 20 Cryptos

2 years ago

Reports from last week indicate that BlockFi, a crypto lender, is preparing for possible bankruptcy. The founder of MIT Cryptoeconomics Labs, Christian Catalini, spoke to Bloomberg TV on the crisis. He stated the collapse of FTX proves the need for more clarity in regulations and a robust regulatory framework for the crypto industry.

He noted that distractions come from the hype and speculation over the minting and trading of digital assets. Hence, there is no longer a focus on developing natural products and services that tackle customers’ problems.

Featured image from Pixabay, chart from TradingView.com
Tweet123Share196ShareSend
Denis
Denis

Denis

Denis is a passionate writer and editor and he's been writing in finance industry for almost 6 years.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin price

Bitcoin Price Lags Below $110K — On-Chain Levels To Watch

The Bitcoin price has had a mixed performance in August, starting with a positive run-up to a new all-time high...

Opeyemi Sule 7 hours ago
Bitcoin

BTC Traders Remain Far From -12% Capitulation Zone – What Does This Mean?

Bitcoin recorded a slight 1.50% price gain in the past 24 hours, with prices now hovering within the $109,000 price...

Semilore Faleti 9 hours ago
XRP

XRP ETF Launch Could See $5B Inflows, Outpacing Ethereum ETFs: CEO

Optimism is running high among supporters of XRP as Canary Capital CEO Steve McClurg claimed that the long-awaited XRP spot...

Christian Encila 10 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin price

Bitcoin Price Closes Below STH Realized Price For The 2nd Time In 2025 — Details

Opeyemi Sule 6 hours ago
ETF

ETH And BTC ETFs Reverse Gains With $291M In Outflows Ahead Of New Week

Scott Matherson 7 hours ago
Bitcoin

Bitcoin Risks Deeper Losses If $107,800 Line Fails To Hold – Details

Semilore Faleti 8 hours ago

Premium Sponsors

Press Releases

  • Token6900FTRD

    仮想通貨 1000倍...

    60 minutes ago
  • HyperFTRD

    Bitcoin Hyper Presaleが1300万ドル突破 – ico...

    1 hour ago
  • MARAのAI参入と6BドルのBTC保有が示す次の波 – Bitcoin Hyperとミームコイン市場の可能性

    仮想通貨...

    1 hour ago
  • ミームコインと2025年最高の仮想通貨プレセール:BlockchainFXが620万ドル調達、TOKEN6900やMaxi Dogeを圧倒

    ...

    1 hour ago
  • XRP a atins noi maxime — investitorii timpurii se uită către Token6900

    XRP a atins noi maxime — investitorii timpurii se uită...

    1 hour ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.