Ethereum Takes a Beating as Crypto Market Reacts to Trump's Speech

The recent speech by US President Trump has had a profound impact on the cryptocurrency market, with Ethereum bearing the brunt of the decline.

As markets had rallied on expectations of a ceasefire or de-escalation in the US-Iran conflict, Trump's address instead hinted at increased aggression towards Iran, sparking a sudden reversal in sentiment.

CryptoQuant analyst Darkfost reported that over $1 billion in ETH sell volume flooded into derivatives within an hour of Trump's remarks, with $968 million of that coming from Binance alone.