Ethereum (CRYPTO: ETH) plunged 9% to the $1,500 mark on Saturday, marking a new 52-week low of $1507.04 at the time of publication.
Bitcoin was holding stronger in comparison, falling about 2%, but the retail-popular crypto Dogecoin (CRYPTO: DOGE) was following Ethereum, trading down by about the same percentage.
On Friday, the Labor Department released CPI numbers, which showed the Federal Reserve is losing its battle with inflation. The news caused the S&P 500 to slide almost 3% lower, taking many stocks across various sectors and the broader cryptocurrency market with it.
The decline in Ethereum, an apex crypto, will be sure to concern traders and investors in the stock market, who often watch the crypto market over the weekends for signs of what’s to come during regular trading hours.
Bullish Ethereum traders have hoped the months-long decline in the …
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