The cryptocurrency market witnessed a substantial decline, notably affecting Bitcoin and Ethereum. Bitcoin's value dropped below $55,000, triggering a surge in selling altcoins. Ethereum, recognized as the altcoin leader, experienced notable price falls ranging from 10-20%, alongside other prominent altcoins. Particularly, Ethereum fell below the critical support level of $3,000. The recent period proved turbulent for Ethereum and its investors, with significant liquidations observed in the Binance ETH/USDT pair, totaling $18.48 million and resulting in over 230,000 investors exiting the market. Ethereum's liquidations exceeded Bitcoin's hourly, reaching $44.5 million in the last hour and $107 million in the past 24 hours, contributing to market instability. Despite discussions on a potential spot Ethereum ETF launch by July's end, ETH's price continued its descent, mirroring the overall market correction. Ethereum developer Anthony Sassano expressed worries about the current market conditions, highlighting issues around Grayscale's ETHE exits and fee structure uncertainties post-conversion.