Bitcoin fell as much as 7% to $77,077 during early morning trading in Singapore, according to Bloomberg. Ethereum, the second-largest digital currency, plunged to $1,538—marking its lowest intra-day level since October 2023.

Ethereum’s resurgence was powered by Uniswap, which saw over $30 billion in trading volume, while Fluid ranked a distant second with $9 billion.

Among major altcoins, Chainlink’s token was the hardest hit, dropping over 8%, followed by Avalanche, which fell more than 7%.

Toncoin led gains among the top 20 cryptocurrencies by market capitalization over the past 24 hours, according to CoinGecko.

XRP led altcoin inflows last week with $6.7 million, followed by Solana with $6.4 million. Polygon and Chainlink posted more modest gains, attracting $400,000 and $200,000, respectively.

Lower burns indicate reduced network activity, which has slowed for Ethereum recently as traders migrate to cheaper alternatives such as Solana and Tron.

Despite recent price volatility, ETH accumulation addresses have been increasing their holdings at a significant rate.

On the other hand, PI continued its downward trend for the second consecutive day, recording a loss of nearly 7 percent in the past 24 hours.

The approval, Ripple’s first in the Middle East, will allow the payments company to tap into the UAE’s $40 billion remittance and $400 billion international trade markets.

According to Coinglass data, Ethereum witnessed $253.8 million in liquidations in the last 24 hours, of which $205 million came from long positions.