Ethereum Slumps 4% to $1,628 Amid Broader Market Sell-Off

Ethereum's price dropped by 4 percent over the past 24 hours to around $1,628 amid a broader sell-off across the cryptocurrency market.

The total market capitalization shrunk by 3.46 percent to $2.12 trillion, with Bitcoin also facing heavy pressure and dropping from $64,100 down to approximately $61,049.

Rapid liquidations wiped out over $1.1 billion in positions in a single day, with the weakness not limited to just Ethereum and Bitcoin as XRP sank below $1.15.

Market watchers attributed the steep declines to weakening risk appetite and the unwinding of highly leveraged trades, suggesting short-term volatility could remain elevated for some time.