🧵 1. Ethereum plunges 22% amid global recession fears, dragging down crypto market cap below $2 trillion for the first time since the recent bull run. #crypto
🧵 1. Ethereum plunges 22% amid global recession fears, dragging down crypto market cap below $2 trillion for the first time since the recent bull run. #crypto
🧵 2. Asian markets saw a bloodbath, causing ETH to drop from nearly $3,000 to $2,280. Other major cryptocurrencies also witnessed significant losses in value.
🧵 3. Bitget's CEO attributes Ethereum's drop to global economic factors like signals of a looming recession in the US and Japan's interest rate hike.
🧵 4. Bitcoin falls below $50,000, contributing to over $1 billion in liquidated crypto positions in the past 24 hours. Both ETH and BTC affected by market conditions.
🧵 5. QCP Capital notes the global economic impact on the crypto market, mentioning significant institutional sell-offs of ETH along with broader market forces in play.
🧵 Read more at: https://decrypt.co/243144/ethereum-sinks-22-as-crypto-market-cap-falls-below-2-trillion