Despite the launch of Ethereum spot ETFs on stock exchanges this week, the second-largest cryptocurrency saw its biggest daily price decline on Thursday, down 7%, its biggest drop in three months. Ethereum is currently trading at $3,182.
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In turn, Bitcoin fell in price by 2% to $64,000. According to data Coinglassover the past 12 hours, the digital asset market has shrunk by more than $250 million, and in a day its losses amounted to almost $300 million.
As the agency noted Reutersmany stocks around the world have fallen in recent weeks, especially technology stocks and risky assets, whose rises and falls often coincide with the movements of cryptocurrencies.
According to the publication Bloombergthe cryptocurrency market’s decline coincided with a plunge in the U.S. stock market on Wednesday, which the agency called its worst day since 2022, attributing the decline to a decline in investor enthusiasm about the prospects of artificial intelligence technologies and their ability to return on investment.
The NASDAQ technology index is reported to have fallen by 3.6% to 17,342 points, its lowest level since 2022. The American NASDAQ 100 stock index, which includes shares of the 100 most valuable companies on the exchange, has lost more than $1 trillion in a day, and the total capitalization of the seven leading technology companies has decreased by $760 billion in just one day.
Following in their footsteps, shares of cryptocurrency-related companies such as mining firms fell on Thursday. Coinbase lost 2.3% of its value, while Riot Platforms and Marathon Digital lost 3.4% to 4%.
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