Today in crypto, Ethereum’s struggles continue as analysts predict Ether’s price could be set to drop even further as exchange-traded fund (ETF) outflows and macroeconomic fears continue to mount, Mt. Gox made its second Bitcoin move in a week, and cyberattackers target Elon Musk’s X.
Ether risks correction to $1,800 as ETF outflows, tariff fears continue
Ether is struggling to reverse a near three-month downtrend as macroeconomic concerns and continued selling pressure from US Ether exchange-traded funds (ETFs) weigh on investor sentiment.
Ether (ETH) has fallen by more than 53% since it began its downtrend on Dec. 16, 2024, after it had peaked above $4,100, TradingView data shows.
The downtrend has been fueled by global uncertainty around US import tariffs triggering trade war concerns and a lack of builder activity on the Ethereum network, according to Bitfinex analysts.
ETH/USD, 1-day chart, downtrend. Source: Cointelegraph/ TradingView
“A lack of new projects or builders moving to ETH, primarily due to high operating fees, is likely the principal reason behind the lackluster performance of ETH. [...] We believe that for ETH, $1,800 will be a strong level to watch,” the analysts told Cointelegraph.
“However, the current sell-off is not being seen solely in ETH, we have seen a marketwide correction as fears over the impact of tariffs hit all risk assets,” they added.
Crypto investors are also wary of an early bear market cycle that could break from the traditional four-year crypto market pattern.
Bitcoin (BTC) is at risk of falling to $70,000 as cryptocurrencies and global financial markets undergo a “macro correction” while remaining in a bull market cycle, said Aurelie Barthere, principal research analyst at blockchain analytics firm Nansen.
Mt. Gox makes second Bitcoin move in a week as it taps $76,000
Defunct crypto exchange Mt. Gox moved 11,833 Bitcoin (BTC), worth $926.2 million, on March 11 — its second big BTC transfer in a week amid the cryptocurrency’s price falling to a four-month low of around $76,700.
Arkham Intelligence data analyzed by Lookonchain found that 11,501 BTC was sent to a new wallet. The remaining 332 BTC were transferred to a warm wallet, which analytics firm Spot On Chain said could be moved to assist with the repayments.
Mt. Gox moved 12,000 Bitcoin worth a little over $1 billion on March 6. The exchange fell into bankruptcy in early 2014 and similar moves it has made in the past have been a precursor to it paying out its creditors.
Transaction details of Mt. Gox’s $931 million transfer. Source: Arkham Intelligence
Bitcoin has struggled to maintain a rally amid a wider market rout that has seen investors flee risky assets like crypto. The sinking US markets saw JPMorgan economists bump the risk of a recession this year to 40%, up from 30% at the beginning of 2025.
“Dark Storm” hacking group says they attacked X
The hacker group “Dark Storm” has taken credit for what Elon Musk called a “massive cyberattack” against his social media platform X that prevented some users from accessing the site.
Cybersecurity group SpyoSecure said Dark Storm’s leader posted to Telegram to take credit for the attack, with a post saying the group “took Twitter offline,” alongside a screenshot of failed connection attempts from various global locations.
Musk posted to the platform saying it gets “attacked every day, but this was done with a lot of resources. Either a large, coordinated group and/or a country is involved.”
There were more than 33,000 reports of X outages on March 10, according to Downdetector.
Musk confirmed the cyberattack in response to a social media user who detailed a series of actions against his interests, from protests against the Department of Government Efficiency (DOGE) to vandalism of Tesla stores.
As NBC News reported, there have been at least 10 acts of vandalism against Tesla stores and vehicles, likely in response to the billionaire entrepreneur’s involvement in the Trump White House.
Source: Elon Musk