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Ethereum declines sharply as DeFi exploit triggers fresh risk aversion
Ethereum dropped over 7% after a major DeFi hack heightened risk concerns, pushing traders to reduce exposure and reassess vulnerabilities in decentralized financial systems.
Ethereum fell more than 7%, slipping below the $3,600 mark after a multimillion-dollar decentralized finance breach rattled sentiment across crypto markets. The hack raised concerns about vulnerabilities within interconnected liquidity pools, prompting traders to unwind leveraged positions and shift toward stable assets. Despite the sharp decline, market analysts noted that Ethereum’s underlying network activity and staking participation remain healthy.
However, short-term volatility is expected to persist as regulators and developers assess systemic risks associated with expanding DeFi protocols and cross-chain bridges.