Ethereum slides to 13-month low as Bitcoin breaks $60,000

Ethereum isn't just leaking; it's hemorrhaging value as the price tumbled below the $1,600 mark this week. The second-largest cryptocurrency hit its lowest point in over a year, dragged down by a broader market rout that saw Bitcoin finally snap its streak above $60,000. It's a double blow for bulls who thought the floor was secure. News of a vulnerability in Zcash didn't help, souring sentiment across the privacy and altcoin sectors as traders rushed for the exits. With Ethereum now trading at levels not seen since early last year, the technical charts look increasingly ugly for anyone holding a long position. Analysts are already eyeing the $1,400 level as the next logical stop if the selling pressure doesn't let up by the weekend. The question now is whether institutional buyers will see this as a discount or if the trapdoor is just beginning to open.