Key takeaways:
-
Ether dropped 28% in a week to $2,110 as investors cut risk and markets wiped out leveraged traders.
-
Spot ETH ETF outflows reached $447 million as Ethereum network activity fell by 47%.
Ether (ETH) plummeted to $2,110 on Tuesday, signaling fragility following a brutal 28% price correction over seven days. Investors retreated into cash and short-term government bonds as the tech-heavy Nasdaq Index also fell 1.4%.
Traders worry that valuations have become overextended and overly reliant on the artificial intelligence sector. Sentiment soured after Nvidia (NVDA US) CEO Jensen Huang denied plans to invest $100 billion in OpenAI.
Investors braced for additional volatility following disappointing quarterly results from fintech giant Paypal (PYPL US). Meanwhile, gold prices…
more
Source cointelegraph.com
Terms of use and third-party services. More here.