Ethereum (ETH) Market Cap Drops by $20B in Two Days as ETH Price Crashes Below $3K

The crypto market faced a severe downturn over the weekend, wiping out over $2.2 billion in just 24 hours, based on Coinglass data.

The crypto market experienced a sharp downturn over the weekend, with over $2.2 billion in liquidations and a collective loss of 7.6% in market capitalization, according to data from Coinglass.

This sell-off was largely driven by growing global tensions following new trade tariffs introduced by President Trump, which sparked panic selling across the market.

Ethereum bore the brunt of these losses, dropping below $3,000 and triggering liquidations of over $600 million. At the time of writing, ETH is trading at $2,595.05, down by 15.06% in the last 24 hours.

The broader crypto market also suffered its worst two-day decline in over three years, with Bitcoin falling by nearly 7% and trading just above $93,000. Other digital assets followed the downward trend, with XRP, Dogecoin, and Solana all recording double-digit losses. The overall crypto market cap dropped by 7.6% to $3.12 trillion.

Renowned economist and Bitcoin critic Peter Schiff commented on the situation, highlighting Ethereum’s significant losses: “It’s down 20%, trading below $2,500, but an hour ago, it hit $2,100, down about 33% in one night!”

However, market participants are closely watching key support levels. Ali, a market analyst, noted: “If this is a head-and-squoulders pattern, ETH must hold above $2,700 to keep the bullish structure intact and have a chance of reaching $7,000.”

Meanwhile, MicroStrategy Chairman Michael Saylor offered a contrasting view, advising investors: “Never sell your Bitcoin.”

In other news, a large Ethereum investor made a significant purchase amid the market turmoil. According to on-chain analytics platform Lookonchain, an Ethereum whale known as “7 Siblings” acquired 5,382 ETH, which is valued at around $14.5 million at current prices.

The whale’s total purchases amounted to 50,429 ETH, valued at approximately $126 million within a single day. As reported by Lookonchain, most of the ETH was bought at an average price of $2,480 per coin.