Ethereum plunges below $950 on Uniswap as global crypto market bleeds

LAGOS (CoinChapter.com) — Ethereum, the second-largest digital asset by market cap, is experiencing the brunt of the current downtrend across the cryptocurrency sector.

In detail, Ethereum’s price on Uniswap sank to a new low on the day after an ETH whale liquidated a massive amount of wrapped Ethereum (WETH) on the decentralized exchange (DEX) platform.

Following the whale liquidation, Ethereum’s price on Uniswap dropped to 941 USDC before it recovered. Notably, the leading altcoin at the time of publication was back up, trading above the $1,200-mark.

Furthermore, data from the popular analytic firm, Etherscan, indicated that massive withdrawal occurred in the early hours of the day. It also revealed that the funds withdrawn by the ETH whale paid debts.

Additionally, data from Coinglass reveals that there were over $170 million liquidated ETH on Uniswap in the past 24 hours.

Ethereum Price And The Entire Crypto Market Slumps

Meanwhile, in a parallel development, the past 24 hours have brought more pain to the cryptocurrency market. Ethereum, alongside top assets in the crypto market, registered a double-digit drop in the last 24 hours.

Moreover, the total cryptocurrency market cap also fell below the $1 trillion mark for the first time since January 2021. The entire crypto market lost $1 trillion in value in the last two months and currently sits at $926 billion.

According to data from Coingecko, Ethereum on the day dropped by nearly 20% and now trades around $1.200. As a result of the latest price drop, Ether has lost over $200 in the past 24 hours and over $500 in a week.

The second-largest token market cap also plunged to $145.8 billion, losing around $80 billion in the last seven days. ETH has also declined below 2018 all-time high levels of around $1,400.

After an unsuccessful attempt to hold on to the $30,000 benchmark, Bitcoin slumped by more than 15% today. The world’s largest digital asset currently trades around $23,000 and is poised to further decline, according to experts.

Susannah Streeter, a markets analyst at Hargreaves Lansdown, noted that the rising inflation is a compelling catalyst for the decline. She said:

“As inflation proves to be an even trickier opponent to beat than expected, Bitcoin and Ether are continuing to get a severe bruising in the ring.”

Uniswap TVL Drops To $4.6B

Uniswap ecosystem was not spared from the great decline as the drop extends to its network’s total value locked (TVL). The DeFi platform TVL has slumped to around $4.6 billion locked across Ethereum and Polygon.

Data from Defillama indicates that the Uniswap, at the beginning of May, boasted around $7.55 billion, losing more than $3 million in the last 24 hours. Uniswap has $4.5 billion on Ethereum, around $76 billion on Polygon, and over $72 million on Optimism and Arbitrum, respectively.

Additionally, the only protocols ahead of Uniswap include SushiSwap ($37.14 billion), MakerDAO ($8.06 billion), Curve ($6.53 billion), Aave ($5.52 billion), and Lido ($5.29 billion). Also, the total value locked in the DeFi industry is down by 10% on the day.

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