JOON HYOUNG LEE

An analysis has emerged indicating that the US-China trade conflict is intensifying, increasing uncertainty in the cryptocurrency market. Bloomberg reported on the 4th that "the cryptocurrency market, including Bitcoin, is facing renewed selling pressure," stating that "the selling pressure is due to heightened trade tensions between the United States and China, with both countries imposing new tariffs on each other." As the US implemented an additional 10% tariff on all Chinese imports today, China announced it would impose tariffs of 10-15% on some US imports starting on the 10th. Bloomberg emphasized that "the (crypto) market is showing unstable trends again due to the heightened (US-China) tensions." Bloomberg explained that "investment sentiment towards risk assets has significantly weakened due to the trade war," noting that the CME Bitcoin futures open interest (OI) decreased by 4%, which signals that institutional investors are approaching cautiously." Bloomberg added, "President Trump has openly expressed a crypto-friendly stance, but it is introducing new volatility to the market."

Last week, approximately $490 million (about 700 billion KRW) flowed into Bitcoin (BTC). According to the 'Digital Asset Fund Flows Weekly Report' released by the cryptocurrency asset management company CoinShares on the 3rd (local time), $486 million flowed into Bitcoin last week. On a cumulative basis for this year, $4.879 billion has flowed into Bitcoin. Last week, $30 million was withdrawn from Ethereum. During the same period, Ripple recorded an inflow of $14.7 million. Since the beginning of the year, $105 million has flowed into Ripple, ranking second among altcoins after Ethereum ($177 million).

El Salvador has purchased an additional $1.1 million (approximately 1.6 billion KRW) worth of Bitcoin (BTC). According to Bitcoin Magazine on the 4th, El Salvador bought 11 more Bitcoins today. The additional purchase by El Salvador amounts to $1.1 million. With this purchase, El Salvador's Bitcoin holdings have surpassed 6,067. El Salvador was the first in the world to adopt Bitcoin as legal tender in 2021.

The second Trump administration has changed the investigation procedures of the U.S. Securities and Exchange Commission (SEC). Analysts suggest it will also affect the SEC's cryptocurrency investigations. Reuters reported on the 3rd (local time) that SEC lawyers have recently received new guidelines for investigation procedures. Specifically, SEC lawyers must obtain approval from the new leadership appointed during the second Trump administration before officially launching an investigation. These guidelines have not yet been announced. There is also a possibility that it could affect the SEC's lawsuits related to cryptocurrency. U.S. President Donald Trump has nominated Paul Atkins, who is considered pro-virtual asset, as the new chairman of the SEC. Reuters stated, "This is the first change made after the new leadership of the SEC was formed," and "it is expected that the SEC will move in a more business-friendly direction." Meanwhile, the SEC leadership consists of six members, including the chairman and five commissioners. Both the SEC chairman and commissioners are appointed by the U.S. President. Currently, the SEC commission consists of three members: two Republican commissioners and one Democratic commissioner.

Due to the fallout from the U.S.-initiated tariff war, it has been revealed that Ethereum (ETH) positions worth $610 million (approximately 900 billion KRW) were liquidated over the past 24 hours. Cointelegraph reported this on the 3rd, citing data from the cryptocurrency data analysis platform Coinglass. Specifically, Ethereum positions forcibly liquidated in the past 24 hours amounted to approximately $609 million, the highest among cryptocurrencies. The total liquidation amount was estimated at around $2.24 billion (approximately 3.3 trillion KRW). This is a larger scale than during the 2022 bankruptcy of the cryptocurrency exchange FTX.

An analysis has emerged suggesting that if the U.S. reaches a dramatic settlement with tariff-imposing countries, the cryptocurrency market will make a 'V-shaped rebound.' Cryptocurrency analyst Lark Davis stated on the 3rd via X, "The tariff issue originating from the U.S. is shaking both traditional finance (TradFi) and the cryptocurrency market," adding, "The 24-hour trading cryptocurrency market is acting as a 'canary in the coal mine,' reacting preemptively." Some speculate that the U.S. might reach a last-minute agreement with the tariff-imposing countries. President Donald Trump is scheduled to speak with the leaders of Canada and Mexico, the countries imposing tariffs, today. The executive order signed by President Trump to impose tariffs will take effect on the 4th. Davis mentioned, "If a swift agreement is reached, the possibility of a V-shaped rebound in the cryptocurrency market increases," noting, "The market is currently seeking direction amidst uncertainty."

Bitcoin (BTC) has reclaimed the $95,000 mark. As of 5:08 PM on the 3rd, according to CoinMarketCap, Bitcoin is trading at $95,312.1, down 4.45% from the previous day. The price of Bitcoin fell to the $92,000 range at one point during the day. According to Cryprice, the Kimchi Premium was recorded at 9.49% as of 5:08 PM.

Analysis suggests that the uncertainty in the cryptocurrency market due to the 'tariff war' initiated by the United States will persist. Cryptocurrency service provider Matrixport stated on the 3rd via X that "President Donald Trump's new tariff policy was already anticipated," adding, "(However) the market appears to have been unexpectedly shocked." They further noted, "This is likely because last week's market focus was on 'DeepSeek' rather than Trump's policy." Matrixport also pointed out the uncertainty caused by Trump's tariff policy. They analyzed, "The uncertainty of the tariff policy will persist for the next few days," and "this is affecting the ongoing market adjustment."

Global cryptocurrency exchange Binance has reportedly recovered $30 million (approximately 44 billion KRW) in illegal profits through internal audits conducted over the past two years. According to WuBlockchain on the 3rd, Binance co-founder He Yi recently stated, "Over the past two years, the internal audit team has conducted more than 120 investigations," and "recovered a total of $30 million in illegal profits." He Yi also mentioned, "More than 60 people were dismissed for regulatory violations," and "currently, two lawsuits and legal investigations are ongoing."

Australian cryptocurrency asset manager Monochrome is launching spot-based Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) in Singapore. According to Decryption on the 3rd, Monochrome recently registered Bitcoin and Ethereum ETFs with the Monetary Authority of Singapore (MAS). Monochrome's ETFs are registered as 'restricted schemes.' Only institutional investors who can trade over 200,000 Singapore dollars (approximately 210 million KRW) can invest in Monochrome ETFs. Jeff Yew, CEO of Monochrome, emphasized, "We are not simply chasing price volatility." He stated, "The goal of Monochrome ETFs is to help institutions, investors, and even governments easily access Bitcoin." Regarding the sharp decline in virtual asset prices triggered by the 'tariff war' initiated by Trump, he said, "Institutional investors are not swayed by short-term volatility." He added, "Bitcoin is an asset that has been tempered through various macroeconomic cycles," and "We are focusing on the long-term fundamentals and expanding accessibility of Bitcoin."

Joo Ki-Young, CEO of CryptoQuant, pointed to the Dollar Index (DXY) as the background for the decline in Bitcoin (BTC) prices. On the 3rd, CEO Joo stated via X, "The main reason for Bitcoin's decline seems to be the strong Dollar Index." The Dollar Index is an indicator that shows the value of the dollar against six major currencies. Due to the aftermath of the U.S.-initiated 'tariff war,' the Dollar Index is showing strength. It is interpreted that the growing concerns over a global trade war have strengthened the tendency to prefer safe assets. If the strong dollar trend continues, the aversion to risk assets like Bitcoin is likely to increase. Meanwhile, the Bitcoin Kimchi Premium surpassed 10% on this day. CEO Joo stated, "The current Kimchi Premium has risen to the 12% range," adding, "This is the highest in the past three years."

The Kimchi Premium for major cryptocurrencies like Bitcoin (BTC) has surpassed 10%. According to the cryptocurrency market comparison platform Cryprice, as of 1:36 PM on the 3rd, the Bitcoin Kimchi Premium recorded 10.21%. This means that the domestic price is more expensive than overseas. It is the first time in 10 months since April last year that the Bitcoin Kimchi Premium has exceeded 10%. At that time, the Kimchi Premium was around 13%. The Kimchi Premium for major altcoins like Ethereum (ETH) and Ripple also surpassed 10%. The Bitcoin Cash (BCH) Kimchi Premium soared to 13%. Min Jeong, an analyst at the cryptocurrency research firm Presto Research, explained, "This phenomenon occurs when the selling pressure on Korean exchanges is relatively lower than the global market," adding, "If the selling pressure from U.S. investors continues, the Kimchi Premium is likely to remain high." However, it is analyzed that the possibility of the Kimchi Premium maintaining the 10% range for a long time is low. Analyst Min Jeong stated, "The Kimchi Premium has maintained an average level of about 5%," and "If the market stabilizes and rebounds, the Kimchi Premium is likely to fall to the 5% level."

According to the top gainers in Token Mindshare (a metric quantifying the influence of specific tokens in the virtual asset market) by the AI-based Web3 search platform Kaito, the top five keywords related to virtual assets that people are most interested in as of the 3rd are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Ripple (XRP), and Dogecoin (DOGE). Bitcoin appears to have seen a surge in online mentions due to the 'tariff war' originating from the United States. On the 1st, U.S. President Donald Trump signed an executive order imposing tariffs on China, Mexico, and Canada. Consequently, Bitcoin continued its downward trend, at one point dipping below $93,000 during the day. Currently, Bitcoin is trading in the $93,000 range. Ethereum also drew attention as it was directly hit by the 'tariff war'. After losing the $3,000 level on this day, Ethereum continued to decline, at one point falling to the $2,300 range. Currently, Ethereum is trading at around $2,500, down approximately 18% from the previous day. Tether attracted investors' attention as the volatility in the cryptocurrency market increased sharply. Since Tether's value is pegged to the dollar, it is less volatile than regular cryptocurrencies like Bitcoin and Ethereum. The background for Tether's price surpassing 1,600 KRW on domestic cryptocurrency exchanges like Upbit is also in this context. The 'Kimchi Premium' exceeded 10%. Considering the current KRW/USD exchange rate is in the 1,470 KRW range, this is quite a high level. Ripple also gained attention due to the aftermath of Trump's tariffs. As of 1:19 PM on this day, Ripple was trading at $2.23 on CoinMarketCap, down about 22% from the previous day. Ripple's price at one point fell below $2. Dogecoin is also speculated to have increased in online mentions due to its price drop. Bloomberg reported on the 2nd (local time) that "Dogecoin, backed by Elon Musk, fell about 14% as investors withdrew," and "it is 45% lower than the peak recorded after the virtual asset rally following Trump's election victory on December 8 last year."

Bitcoin (BTC) price has fallen below $94,000. As of 10:47 AM on the 3rd, Bitcoin is trading at $93,686.29 on CoinMarketCap, down 7.56% from the previous day. According to Cryprice, the Kimchi Premium was recorded at 6.55% as of 10:47 AM on this day.

Bitcoin (BTC) price has fallen below $96,000. As of 10:19 AM on the 3rd, Bitcoin is trading at $95,424.08, down 5.85% from the previous day on CoinMarketCap. According to Cryprice, the Kimchi Premium recorded 6.75% as of 10:19 AM.

The U.S. Trump administration's 'tariff bomb' has also hit the cryptocurrency market hard. Bloomberg reported on the 2nd (local time) that "the cryptocurrency market plummeted after U.S. President Donald Trump announced a new tariff policy," and "some highly speculative virtual assets were severely impacted." Bloomberg focused on the decline of altcoins. Bloomberg stated, "Dogecoin, supported by Elon Musk, fell about 14% as investors fled," and "it is 45% lower compared to the peak recorded after Trump's election victory on December 8 last year." It added, "Major altcoins such as Ripple, Cardano (ADA), Avalanche (AVAX), and Chainlink (LINK) also plummeted by more than 10% each." Concerns about a recession are also growing. Caroline Bowler, CEO of the Australia-based cryptocurrency exchange BTC Markets, said, "The tariff war caused by Trump is affecting the entire financial market," and "fears that the trade war and stagflation (rising prices amid economic slowdown) could trigger a recession are spreading throughout the cryptocurrency market."

Austrian fintech unicorn 'Bitpanda', which operates a cryptocurrency exchange, has obtained a MiCA license in Germany. According to Cointelegraph on the 27th, Bitpanda acquired the license under the MiCA law from the German Federal Financial Supervisory Authority (BaFin). The MiCA law is a cryptocurrency regulation law that the European Union (EU) officially implemented at the end of last year. With this approval, Bitpanda has become the second Crypto Asset Service Provider (CASP) to obtain a MiCA license from BaFin. This license applies within the 27 EU member states.

A total of $1.9 billion was reported to have flowed into cryptocurrency investment products last week. According to CoinShares, a cryptocurrency-focused asset management firm, $1.9 billion was the net inflow into cryptocurrency investment products last week. This marks the second consecutive week of net inflows. The year-to-date net inflow amounts to $4.8 billion. Specifically, the inflow into the Bitcoin (BTC) sector was $1.6 billion, followed by Ethereum (ETH) with $250 million, and Ripple with $18.5 million. There were no cryptocurrencies with net outflows. By region, the United States ranked first with a net inflow of $1.7 billion. Switzerland ($34.6 million), Canada ($30.9 million), and Germany ($23.1 million) also recorded net inflows. Sweden experienced a net outflow of $5.7 million. CoinShares stated, "The fund flows last week demonstrate that investor confidence and interest in the cryptocurrency market remain strong."

Chinese artificial intelligence (AI) startup 'Deepseek' has surpassed OpenAI's ChatGPT in the US App Store. According to Reuters on the 27th, Deepseek's AI model ranked first in the US App Store's free app rankings, overtaking ChatGPT. Previously, on the 20th (local time), Deepseek unveiled its large language model (LLM)-based 'R1', which possesses inference capabilities. According to the technical analysis report released by Deepseek, the performance of R1 is similar to OpenAI's inference model o1 (O-One), but the cost is significantly lower. Deepseek is also cited as a background for the decline in Bitcoin (BTC) prices today. Bloomberg reported that "concerns are spreading that China's AI model Deepseek could disrupt the tech industry, leading to a sharp drop in US stock futures indices." Jonathan Yalk, a senior trader at market maker Acheron Trading, stated in an interview with Bloomberg, "These concerns have had a ripple effect on the futures market and the virtual asset market overall."

"Imagination is key in venture investment" 'Meeting good people and having good conversations.' This is the basic purpose of Blooming Lunch. We meet good people in the Crypto Scene (Blockchain and Cryptocurrency ecosystem) and share their work and life. Located near Seoul's Gyodae Station, a business district, is Suta Udon Gen. This restaurant, started in 1984, is run by a Korean-Japanese. Seojin Baek, Hashed Investment Manager, whom I met here, said, "I love the udon here so much that I come even on weekends." Baek chose tempura without hesitation among the five types of cold udon 'Bukkake Udon' including tempura, karaage, and beef. As a side, he ordered karaage and chikuwa fish cake tempura, one of the restaurant's signature dishes. We chatted briefly before the food arrived. Baek's career began at Tencent, China's largest gaming company. He joined Tencent's Korean branch investment team in 2015. The team's role was to find domestic companies that could collaborate with Tencent and review and execute strategic investments (SI). Baek said, "Tencent was an early investor in Kakao, investing since 2012 when Kakao was in its early growth stages," and "They also invested in various domestic gaming companies like Netmarble." One of the largest investments Tencent made after Baek joined was in Krafton. Tencent invested 570 billion won in Krafton in 2018, right after Krafton successfully launched the game 'Battlegrounds' in 2017. Baek said, "(Battlegrounds) showed that the battle royale genre could be popularized." As we talked, the sides and udon were served one after another. As described by the domestic restaurant guide Blue Ribbon Survey, "The salty and chewy handmade noodles were excellent." Baek took a few bites of udon and continued speaking. He said, "While working at Tencent, I learned a lot about the Korean IT industry through Kakao's growth process," and "The 2010s were a period of compressed growth for Kakao, so I could see how the Kakao ecosystem expanded." He added, "I always tried to view the (gaming and IT) industry from a 'top-down' perspective," and "Even if there was low business relevance and immediate collaboration with Tencent wasn't possible, I considered whether there could be synergy later." From Tencent to SBVA In 2019, Baek moved to SoftBank Ventures Asia (SBVA). SBVA started as a venture capital (VC) under Japan's SoftBank Group. Baek moved to SBVA to explore various sectors beyond the Korean gaming industry. He also wanted to develop expertise in exits (investment recovery). Baek said, "At the time, Tencent's investments were mostly strategic, so exits were rare," and "To build expertise as an investment manager, I thought I needed to experience financial investments (FI) with exits in mind." The sectors Baek experienced at SBVA were diverse. They invested in advanced industries like semiconductors and energy, as well as startups operating mobile laundry services. Baek said, "The investment regions were also diverse, including China, Vietnam, and Africa," and "(At SBVA) I expanded the investment sectors as much as I wanted." As the conversation about SBVA wrapped up, we finished our meal. Baek and I headed to Stunning Coffee Roasters, a specialty cafe near the restaurant. On the way to the cafe, we talked about NPIXEL, the gaming company Baek worked at before joining Hashed. Baek said, "At NPIXEL, I worked on attracting investments and once handled the setup of a blockchain business called 'Metapixel,'" and "That's when I became seriously interested in cryptocurrency." "The Crypto Scene is 'Born to be Global'" After walking about 500 meters, we arrived at the cafe. Baek ordered filter coffee. He could choose between 'White' based on Ethiopian beans and 'Obsidian' based on Panamanian beans. Baek chose the White with acidity. Baek joined Hashed last year. His connection with Seojun Kim, who leads Hashed, dates back to 2019. At that time, Kim was a venture partner at SBVA. Baek said, "There were startups I invested in or co-invested with Hashed through the introduction of Hashed," and "I was continuously drawn to the Crypto Scene even while at SBVA." After the coffee was served, I asked him about the appeal of the Crypto Scene. Baek cited 'Born to be Global' as one of its attractions. He said, "(In the Crypto Scene) all networks and communities operate globally and are organically connected," and "Since the industry is based on global foundations from its inception, the DNA of the community seems different from other industries." He continued, "(The Crypto Scene) has such a fast pace of industry and community development that the inflow and turnover of capital are also very fast," and "There's no time to be bored, and there's also a belief in the innovation of blockchain itself." 'Collaborative culture' is another attraction Baek pointed out. Baek said, "(In the Crypto Scene) members are in the process of proving together what benefits blockchain technology and industry can bring to the world, so the collaborative culture is strong," and "Various networks are organically intertwined, and so many things happen in a short period that real-time sharing is essential, which is one of the backgrounds of the collaborative culture." What does he think about the VC investment industry? Baek said, "I believe 'imagination' is important in venture investment," and "To find startups that will grow, you have to constantly imagine the future with the founders." He added, "It seems that flexibility in accepting that some sectors may rapidly emerge or become difficult is also necessary," and "This is because the industry itself changes so quickly and there are many uncontrollable external variables." He said he likes the VC investment industry because it "suits his disposition." Baek said, "These days, I constantly think about how to make investments that are fun and productive," and "I have a lot of intellectual curiosity and tend to keep looking for new things, so (the VC investment industry) suits my disposition." He continued, "I don't think you necessarily have to make a career out of what you love," and "However, if you love your work, your soul is in it, and there seems to be a difference in the 'final detail.'" At Hashed, he emphasized that he wants to "act as a bridge connecting Korea and the global market." Baek said, "Looking back, I've always worked to connect the Korean market with the global market," and "In the Crypto Scene, continuing this role is my goal." In his free time, he said he exercises or reads books. He mainly plays tennis and, although he graduated from an engineering school, he reads a lot of humanities books. Baek said, "Actually, I often just 'zone out' with Netflix on," and laughed. After finishing the coffee, I parted ways with Baek at the cafe. He stayed behind, saying, "I'll work here." On my way out of the cafe, I saw Baek already engrossed in work with his laptop open through the window. This interview was not supported or financially compensated by any specific restaurant or brand and was conducted without commercial intent. The 'Blooming Lunch' corner aims to capture free interviews in a casual atmosphere at the interviewee's favorite regular restaurant.

Bitcoin (BTC) has reclaimed the $99,000 level. As of 5:19 PM on the 27th, according to CoinMarketCap, Bitcoin is trading at $99,007.15, down 5.76% from the previous day. Bitcoin fell to the $98,000 range earlier in the day. The Kimchi Premium is above 7%. According to Cryprice, as of 5:19 PM, the Kimchi Premium recorded 7.64%.

An analysis has emerged suggesting that the decline in Bitcoin (BTC) prices is linked to 'Deepseek', developed by a Chinese artificial intelligence (AI) startup. Bloomberg reported on the 27th that "Bitcoin fell below $100,000 after U.S. President Donald Trump announced an executive order designating the virtual asset industry as a key driver of American innovation." The report highlighted the ongoing decline in Bitcoin prices as it fell below $100,000 on this day. Bloomberg pointed to the impact of Chinese AI. Bloomberg stated, "Concerns are spreading that China's AI model Deepseek could disrupt the tech industry, leading to a sharp drop in U.S. stock futures indices." Jonathan Yalk, a senior trader at market maker Acheron Trading, told Bloomberg, "These concerns have had a ripple effect on the futures market and the virtual asset market as a whole." The 'Trump effect' was also mentioned. Sean McNulty, head of Asia-Pacific derivatives at cryptocurrency brokerage FalconX, told Bloomberg, "The market got 90% of what it wanted from (Trump's) executive order," adding, "(However) most of it seems to be already priced in." He added, "If we don't establish reserves to immediately buy Bitcoin, we will inevitably disappoint the market."

The price of Bitcoin (BTC) has fallen below $100,000, but an analysis suggests that the bull market is still ongoing. Cryptocurrency service provider Matrixport stated on the 27th via X that "the chart clearly shows that Bitcoin is still in a bull market." Matrixport noted, "The current Bitcoin bull market started at the end of 2022" and is characterized by "robust resilience." Matrixport emphasized that there is a buying opportunity at this time. Matrixport stated, "A 10% correction from the price a month ago could be a strategic buying opportunity for traders looking to leverage the current momentum."

Elon Musk, the CEO of Tesla, is leading the U.S. Department of Government Efficiency (DOGE) in a hiring initiative. On the 27th, the U.S. Department of Government Efficiency announced on its official X account that it is looking for talent "ready to identify and eliminate waste, fraud, and abuse." The positions being hired for include Software (SW) Engineers, Information Security Engineers, Analysts, and HR (Human Resources) Specialists. The Department of Government Efficiency is an agency established by the second Trump administration. The first head of the department is Musk. It is reported that Musk is researching ways to reduce government operating costs using blockchain technology.

Bitcoin (BTC) price has fallen below $100,000. As of 2:56 PM on the 27th, Bitcoin is trading at $99,968.08, down 4.86% from the previous day on CoinMarketCap. According to Cryprice, the Kimchi Premium was recorded at 6.72% as of 2:56 PM.

According to the top gainers on the AI-based Web3 search platform Kaito's Token Mindshare (a metric quantifying the influence of specific tokens in the crypto market), the top 5 crypto-related keywords currently attracting the most attention on the 27th are Jupiter (JUP), Toshi (TOSHI), Shiba Inu (SHIB), Bitcoin (BTC), and Tether (USDT). Jupiter seems to have increased in online mentions due to a large-scale burn today. The Solana-based decentralized exchange (DEX) Jupiter Exchange announced on its official X account that it burned 3 billion Jupiter tokens today. This burn reduced Jupiter's supply from 10 billion to 7 billion. Previously, the Jupiter community passed a proposal last August to burn 30% of Jupiter's supply. Toshi drew attention with its sharp price volatility after being listed on the global crypto exchange Coinbase on the 24th. The meme coin craze sparked by former U.S. President Donald Trump's cryptocurrency 'Official Trump' is also believed to have influenced this. As of 1:38 PM today, Toshi is trading at $0.00145, up 3.77% from the previous day. Shiba Inu is speculated to have increased in online mentions due to a price drop today. As of 1:31 PM today, Shiba Inu's price on CoinMarketCap fell by 8.03% from the previous day. Bitcoin attracted investors' attention as it fell below the $101,000 mark today. CryptoQuant, a cryptocurrency on-chain analysis firm, stated in its weekly analysis report that "(this month) traders' unrealized profit ratio has almost reached zero," interpreting this as a signal that usually indicates a price bottom in a bull market. They added, "While the real demand for Bitcoin is still expanding, the pace has significantly slowed compared to last month," and "For prices to rise significantly, the increase in spot demand must accelerate again." Tether has drawn attention due to the possibility of delisting in the U.S., following Europe. Brian Armstrong, CEO of Coinbase, recently stated that if new stablecoin regulations are introduced in the U.S., Tether may have to be delisted. Coinbase already delisted Tether from the European market last month.

The price of Bitcoin (BTC) has fallen below $101,000. As of 1:26 PM on the 27th, Bitcoin is trading at $100,931.91, down 4.07% from the previous day on CoinMarketCap. Major altcoins like Ethereum (ETH) are also on a downward trend. Ethereum is recorded at $3,163.39, down 5.48% from the previous day on CoinMarketCap. Ripple is trading at $2.98, down 4.87% from the previous day.