The cryptocurrency market is experiencing a significant downturn, with a reported $1.36 billion liquidated across various markets. Bitcoin (BTC) is showing signs of a prolonged bearish trend, marked by a ‘death cross’ indicator, while Ethereum (ETH) has dropped to its lowest level since December 2022, falling below its 2017 peak. Additionally, the ETH/BTC pair is at its lowest level since March 2020. A notable event includes a liquidation of $106 million in ETH by a whale on the Maker platform. The overall market sentiment has been impacted by macroeconomic factors, and numerous cryptocurrency ecosystems are facing challenges. Bitcoin's hashrate has, however, reached a historical milestone, exceeding 1 Zettahash. Furthermore, Grayscale has filed for a new ETF related to Solana, while Tether is planning a stablecoin that aligns with SEC requirements, indicating continued developments in regulatory compliance within the sector.

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