In the cryptocurrency world today, Ethereum continues to face challenges as analysts warn that Ether’s price may further drop due to mounting ETF outflows and macroeconomic uncertainties. Ether, which has plummeted by over 53% since mid-December 2024 after topping $4,100, is at risk of a correction to $1,800. Analysts cite global trade concerns, such as US import tariffs and a slowdown in Ethereum network activities due to high operational fees, as contributing factors to its lackluster performance. They caution that the ongoing sell-off isn’t isolated to Ether but is part of a broader market correction impacting all risk assets. Concurrently, Bitcoin may also see a retracement to $70,000 amidst this “macro correction,” despite being in a bull market, according to a principal research analyst from Nansen.
Meanwhile, Mt. Gox, the defunct crypto exchange, executed its second major Bitcoin move in a week, transferring 11,833 BTC, valued at $926.2 million, as Bitcoin’s value fell to a four-month low around $76,700. Analysts from Arkham Intelligence reported that a substantial portion of the Bitcoin was sent to a new wallet, while the rest might be used for creditor repayments. This comes after a previous movement of 12,000 BTC worth over $1 billion on March 6.
In other news, Elon Musk’s social media platform X was targeted by the hacking group “Dark Storm,” who claimed responsibility for a significant cyberattack that blocked user access. Musk remarked on the platform that such attacks are frequent, but this one used substantial resources, suggesting involvement by either a large coordinated group or possibly a nation-state. On March 10, the platform experienced over 33,000 user reports of outages, with ongoing disruptions attributed in part to protests and vandalism against Musk’s interests and Tesla properties.
