Why is ethereum going down

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Our free, fast, and fun briefing on the global economy, delivered every weekday morning. Cryptocurrency going down Meanwhile, digital asset analytics firm 10x Research notes that bitcoin is in another 20% correction amid the larger bull market that started at the end of June. However, this one is different than the three most-recent 20%+ corrections due to institutional investment in bitcoin ETFs. 10x Research estimates the average entry price of institutional bitcoin ETF holders is about $57,300, which could lead to increased selling pressure as bitcoin approaches that level.

Why is ethereum going down

The price of bitcoin }} fell to as low as $67,000 during Friday's Asian trading hours, down 7%, before recovering to around $68,500. Browse Companies Ethereum (ETH) has followed the drop of other coins, going down by 4.32%.

Ethereum Historical Price Performance

The value of the leading cryptocurrencies significantly decreased on the 5th of September, 2018, creating one of the most prominent digital market crashes. There are three likely reasons behind the crash. One accepted assumption among investors is that the price crash resulted from Goldman Sachs abandoning plans to launch a cryptocurrency trading desk. However, some suggest that this might not reveal the whole story. On the day of the crash a ‘whale’ with no previously recorded transactions transferred more than 22,100 bitcoins out of the wallet, leading the market to collapse in price. Also, more than 111,000 bitcoins were transferred to the wallets of different trading venues to sell them through the black-market platform Silk Road. Stocks Recommendations But prominent investors believe $100,000 is a realistic short-term target - while fund manager Cathie Wood has long maintained Bitcoin will hit $1m by 2030.

Crypto price crash

But it is exactly the self-reinforcing dynamic, and the lessening of regulations, that has Kelleher worried. Every time crypto has risen, it has fallen back down. Kelleher points out that during the last crypto crash, there was almost no contagion with the rest of the financial system, because regulators had kept the crypto industry at an arm's length.  “What we’re going to be seeing over the next months and years is increasing interconnections with the core of the financial system,” he says. “So the question is, how broad will the connections be? And will the crypto crash bring down the financial system, just like derivatives brought down the financial system in 2008?” Related Industries Bitcoin (BTC) and other cryptocurrencies have seen precipitous declines in morning trading today. Even though BTC is still up more than 50% year-to-date, the world’s oldest cryptocurrency is down more than 6% over the past 24 hours.