Ethereum (ETH) has plummeted below the $3,000 mark, following a broader market sell-off that saw Bitcoin (BTC) dip below $40,000. The cryptocurrency market’s downturn comes amidst growing concerns over inflation, rising interest rates, and geopolitical tensions. Ethereum’s price decline marks a significant setback for the smart contract platform, which had been on an upward trend since the beginning of the year. The total value locked in DeFi protocols has also seen a decline, with some analysts suggesting that the market may be entering a bear phase.
