Ether Crashes Below $300 Amid Mass Cryptocurrency Sell-Off
August continues to be a dreadful month for the cryptocurrency market. Despite yesterday’s small gains, the cryptocurrency market is falling drastically, with bitcoin dropping dangerously close to $6,000 a coin again.
The world’s largest digital currency by market value tumbled as low as $5,900 at around 10 p.m. ET and was down around 4 percent. Rival coins are not left out in the bleeding market as Ether and XRP fell alongside bitcoin.
Ether toppled almost 60 percent to around $270 at 1:53 a.m. ET, pushing it below $300 for the first time since November. while XRP fell 5.7 percent to a price of 26 cents.
Timothy Tam, chief executive officer of CoinFi, a cryptocurrency data analysis company, said in a phone interview. “Bitcoin has held up relatively well versus Ethereum. It’s still quite weak versus the U.S. dollar.”
Considering the weak momentum of tokens and Ether, the native cryptocurrency of Ethereum, it is likely that the market will continue its downtrend in the short-term, at least throughout this week.
Pressure from ICOs cashing out is compounding with generalized bearishness in the cryptocurrency market, with market capitalization dropping to about $200 billion from a high of over $800 billion in January, on concern about tightening regulation and slow adoption.
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