RATE Group | Ethereum price down 10% on August 14 as crypto market crashes
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Ethereum price down 10% on August 14 as crypto market crashes

15 Aug Ethereum price down 10% on August 14 as crypto market crashes

Posted at 07:04h in Cryptocurrency News by

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LONDON — Ethereum’s steep price fall continued on Tuesday as the entire cryptocurrency market continues to fall.

Ethereum is down just over 10% to $253.35 at 4.22 p.m. BST (11.22 a.m. ET). The current sell-off began on Monday, when Ethereum dropped to an 11-month low. Bloomberg reported that the slump was sparked by startups that had raised funding in ethereum through so-called initial coin offerings (ICOs) now cashing their holdings into traditional fiat money they can spend on development.

Matthew Newton, an analyst at eToro, said in an email: “The crypto market seems to have hit panic mode, with prices falling significantly across the board. As we can see in the case of ether, investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes.”

As of Tuesday morning London time, the value of the overall cryptocurrency market had fallen by about 10% over the past 24 hours, according to CoinMarketCap.com, from $218…

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