Bitcoin and Ethereum in Turmoil
Amid a significant sell-off in the crypto market, Péter Szilágyi, a core developer at the Ethereum Foundation, expressed concerns about the industry’s direction. He criticized the focus on quick gains and “value extraction” over genuine product development, contrasting it with companies like SpaceX that drive human advancement even in failure.
Ethereum’s Recent Decline
Szilágyi’s skepticism coincides with Ethereum’s recent turmoil, with a 32% drop in a week, marking the largest dip of the year. Ethereum’s current price of $2,360, down by 12.05% for the day, suggests overselling as it falls below key support levels.
Crypto Market Liquidations and Downturn
Over 278,000 traders faced liquidations in the past 24 hours, with Bitcoin leading at $362 million and Ethereum at $345.7 million. The total crypto open interest decreased by 18.7%, while the global market cap fell by 13.4% to $1.94 trillion, reflecting a widespread downturn in the cryptocurrency market.
