Ethereum Crashes Below $2,400: Trump-Musk Drama Sends Crypto Market into Tailspin!

Ethereum's Wild Ride: From $2,634 to $2,408 in Hours!

Ethereum's price just nosedived nearly 6% in the last 24 hours, folks! This beast of a token, the second-biggest by market cap, has been bleeding red ink, plummeting from a high of $2,634 all the way down to a gut-wrenching $2,408.

ETH Struggles to Recover: Trading Volume Surges Amid Chaos

Right now, ETH's trading at a shaky $2,456, barely clinging on after a brutal drop around 2:00 AM UTC. The sudden Ethereum price crash has traders going wild, with daily trading volume skyrocketing by a whopping 64% compared to yesterday!

Ethereum's Rocky Road: Down More Than 6% in a Week

Over the past week, ETH's taken a beating, dropping over 6%, and it's even worse if you look back two weeks. In the last 24 days, this token's shed a solid 7.4%.

From Hope to Despair: Ethereum's Failed $3k Dream

Just last month, traders were buzzing with hope, dreaming of ETH hitting the $3k mark, riding Bitcoin's coattails to new heights. Throughout May, ETH was on fire, soaring to $2,731 on May 29. But oh, how the mighty have fallen!

Crypto Market in Freefall: Total Market Cap Tanks 4%

ETH's not the only one feeling the heat. The whole crypto market's taken a hit, with the total market cap plunging nearly 4% from $4.1 trillion on June 5 to a mere $3.29 trillion on June 6. Bitcoin's down too, dropping 1.2% and trading at $103,438.

Trump-Musk Feud: The Spark That Lit the Fuse

What's behind this mess? Traders are pointing fingers at the fallout between Elon Musk, the former DOGE head and X owner, and President Trump. Musk stepped down and slammed Trump's Big Beautiful Bill, and in a move straight out of a revenge thriller, Trump yanked Jared Isaacman's NASA nomination right out from under Musk's nose!

Ethereum's TVL Takes a Hit: Down 4% to $59.9 Billion

Ethereum's total value locked has also taken a beating, falling nearly 4% to $59.9 billion. Sure, it's still ahead of Solana's measly $8 billion, but the ETH ecosystem's feeling the pain of this market crash big time.

ETH Fees on the Rise: Up 100% Since June 1

Here's a twist: while everything else is crashing, Ethereum's on-chain fees have doubled since the start of June! On June 6, ETH fees hit $2.26 million, more than 100% higher than the $853,320 on June 1.

Vitalik Buterin Weighs In: Bitcoin's Edge Over Ethereum

In the midst of all this chaos, Ethereum co-founder Vitalik Buterin's been speaking out. He admits that while Ethereum's got a lock on censorship resistance and security, Bitcoin's still got the upper hand in other areas.

Bitcoin's Advantages: Simplicity, Stability, and More

Buterin reckons Bitcoin's got the edge when it comes to coding simplicity, fewer protocol changes, a higher node count, and less reliance on those pesky remote procedure call services.