Ethereum is down 40% in the past week. Here are three possible reasons why.
The cryptocurrency market took a beating over the past week. The total capitalization is down below $1 trillion for the first time since January 2021, losing a staggering $300 billion in seven days alone.
But it’s not just crypto. Wall Street is also in shambles, with the S&P 500 trading for a 4.25% loss in the past week. The Dow Jones Industrial Average is also down 4% over the same period, whereas the NASDAQ Composite tumbled slightly less than 2%.The broader macroeconomic picture doesn’t look good, with the global economy being thorn by rampant inflation, an ongoing war in Ukraine, and much more.
ETH is not immune. For comparison, the following heatmap reveals that all major cryptocurrencies are well in the red over the past seven days:And yet, it’s also evident that ETH is amongst the worst performers. This has to do with the other two potential reasons.It’s important to note that almost everything related to what’s currently going on with Celsius Network comes from industry analysts. There’s no official information from the company on the ongoing state of its affairs.
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