Ethereum bleeds nearly $40 billion in brutal 24-hour sell-off
Ethereum (ETH) lost over $3 billion in market cap in less than 24 hours, dropping from just north of $543 billion on September 21 to around $506.85 billion on September 22. Trading at around $4,203 at the time of writing, the cryptocurrency is down 6.11% on the daily and nearly 7% on the weekly chart. Ethereum market cap. Source: CoinMarketCap Far from an isolated incident, the loss comes as the global crypto market capitalization tumbles down to $3.89 trillion, down from a recent peak of over $4 trillion as a result of more than $1.5 billion in bullish positions being liquidated. While Bitcoin (BTC) also dropped around 3% and trades below $113,000, altcoins took a harder hit, with XRP, for instance, wiping $11 billion in market value overnight. Meme coins saw even steeper losses, as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all dropped over 10%, with Elon Musk’s favorite crypto now down 14% on the week despite the recent record-breaking exc...