The steep price fall of Ethereum sustained on August 14 as the complete cryptocurrency market carries on to drop. Ethereum has fallen just over 10% at 4.22 p.m. BST to $253.35. The existing sell-off started on August 13, when Ethereum fell to an 11-month low. As reported by Bloomberg, the fall was flashed by startups that had gathered financial support in Ethereum via purported ICOs (initial coin offerings) at present cashing their assets into traditional fiat money they can use on development.
In an email, an analyst at eToro, Matthew Newton, said, “The crypto market appears to have panic-stricken, with prices dropping considerably across the board. As we could observe in the case of ether, the sponsors appear to be escalating insolvencies of their ICO holdings, with noteworthy fall in price and amplified volumes.”
As of August 14 morning London time, the worth of the overall cryptocurrency market had dropped by around 10% over the last 24 hours, as per the CoinMarketCap.com, to $193 Billion from $218 Billion. Bitcoin, the biggest cryptocurrency by value, fell lower than the psychologically considerable level of $6,000 early in the episode prior to fighting back. At 4.24 p.m. BST (that is, 11.24 a.m. ET), Bitcoin was dropped by 3.7% to $6,020.24.
Other key cryptocurrencies were experiencing analogous falls at the same time:
- Bitcoin cash had dropped by 9.4% to $481.49;
- XRP has dropped by 6.2% to $0.25;
- Stellar has dropped by 6.1% to $0.21;
- Litecoin has dropped by 8.7% to $51.57;
- EOS has dropped by 6.4% to $4.34.
Since late June, the cryptocurrency market has been under stress, when the US Securities and Exchange Commission deferred a verdict on whether to sanction a bitcoin exchange-traded fund, a step that bitcoin bulls consider would have significantly amplified the market size.