Ethereum saw a significant drop of over 5% on Thursday as the Securities & Exchange Commission failed to approve ETH ETF issuers’ S-1 drafts. This decline has reinforced a bearish outlook for ETH after it fell below a key support level, resulting in $90 million worth of long liquidations.
In other news, Bittensor (TAO) reported a network breach of $8 million caused by a malicious PyPi package posing as an authentic Bittensor package. Following this revelation, TAO has seen a 3% decrease in value, with weekly losses reaching around 20%.
Meanwhile, Ripple (XRP) is facing selling pressure and testing a crucial support level at $0.4508, the lowest point since June 7. On-chain data suggests that whales may be selling off their XRP holdings at a loss, while small investors and retail traders are taking the opportunity to accumulate more XRP tokens.