Binance-Driven Selloff Adds to Ethereum Woes

Dow Jones12:33

0433 GMT - The security incident at Binance has raised concerns about the safety of holding assets on exchanges, adding to Ethereum's woes, says Linh Tran at XS.com. The breach has made market sentiment even more cautious, despite Binance's assurances that customer funds remain safe. There is still insufficient information to conclude that the incident is related to the security of the Ethereum network, but until more details emerge, investors may hold back on new purchases or reduce cryptocurrency exposure, Tran says. That comes as spot Ethereum ETFs had already seen consecutive sessions of net outflows. "Even if concerns surrounding Binance subside, ETH still needs a clear improvement in buying demand to recover." Ethereum is down 0.9% at $2,240, paring earlier losses.

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