Ethereum Plunges 10% as Crypto Market Faces Steep Sell-Off

Ethereum (ETH), the second-largest cryptocurrency by market cap, has crashed 10% in the latest market downturn, falling to an intraday low of $1,601, according to CoinGecko data. The ETH/BTC ratio has also dropped to its lowest level since March 2020, highlighting the altcoin’s underperformance against Bitcoin.

Bitcoin (BTC), the leading cryptocurrency, has also suffered, dipping below the $79,000 mark to hit a low of $78,882. Despite the decline, Bitcoin's losses are less severe compared to Ether. Analyst Adam Cochran took a humorous approach on X (formerly Twitter), saying he's "super excited to buy ETH at double digits again."

The broader crypto market is deep in the red, with major altcoins like Dogecoin (DOGE) and Solana (SOL) nearing double-digit percentage losses. The downturn follows a historic stock market crash earlier this week, during which over $6 trillion was wiped from U.S. equities in just two days. This traditional market turmoil is rippling through digital assets, amplifying risk-off sentiment.

Veteran investor Jason Calacanis warned that Bitcoin could fall to $60,000 this year, underlining bearish expectations. Meanwhile, Wall Street is bracing for intensified selling. Fox Business’ Charles Gasparino compared the current market conditions to the 2008 financial crisis, suggesting more turbulence ahead.

The ongoing crypto sell-off underscores the volatility of digital assets and their correlation with broader economic events. As investors flee riskier markets, cryptocurrencies like Ethereum and Bitcoin are once again showing their vulnerability during financial shocks. With ETH testing key support levels and investor sentiment weakening, market participants remain on edge for what could come next in this unfolding “Black Monday” for crypto.