Ethereum fell by a record 15% in just 5 minutes

The value of the main altcoin Ethereum fell by 15% in just a few minutes on August 5. The token dropped to an intraday low of $ 2112, which is the lowest level recorded by the altcoin since January.

According to the cryptocurrency analytical platform CoinGlass, $ 217 million worth of long positions in Ethereum have been liquidated over the past 12 hours. The OKX exchange accounted for 38.5% of the liquidations. A whale who took a long position in Ethereum lost $ 22.3 million during today’s market crash.

Last week, cryptocurrency skeptic Peter Schiff predicted that the price of the altcoin would soon fall below $ 2000. He pointed to the fact that exchange-traded funds trading in Ethereum have already fallen by 15%.

«Only two days have passed, and Ethereum has already reached $ 2100. So, 90% of this forecast has already come true,» Schiff said in his post on the social network X. Peter Brandt also said that his target for Ethereum’s fall has been reached.

Crypto analyst DeFi Mochi explains that the sharp drop in Ethereum was caused by large sales by Paradigm and Grayscale. Paradigm sold 46,000 ETH for about $ 138 million, and Grayscale sold 372,000 ETH for about $ 1.1 billion. At the same time, Jump Trading has been actively making significant transfers of Ethereum to centralized exchanges, which has increased pressure on the market.

Today, on August 6, Ethereum managed to partially recover — currently, the token is trading at $ 2500, its value has increased by 7.4% per day.

As a reminder, bitcoin suffered a significant drop, falling by 17% within a few hours. The price of the cryptocurrency market’s flagship fell to $ 50,300. At that moment, the value of BTC reached $ 49,800. The cryptocurrency’s fall coincided with the stock market’s collapse. Investors began to sell their assets en masse, fearing a further decline.