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Ethereum sinks almost 20% as bearish momentum takes hold

Investing.com -

Investing.com - The red-hot cryptocurrency Ethereum was under heavy selling pressure on Monday, as investors appeared to take profit on the recent rally that has seen it touch record highs.

Prices dropped by as much as 19.3% on the U.S.-based GDAX exchange operated by Coinbase to a low of $250.00. It was last at $255.60 by 5:20AM ET (0920GMT), down $50.80, or around 16.6%.

Last week Ethereum plunged to as low as 10 cents from around $317 in a matter of seconds in an apparent flash crash.

The digital currency is down roughly 35% over the past two weeks. It remains up over 2,000% so far for the year.

Meanwhile, Bitcoin struggled to make gains, as investors remained wary of initiating large position amid several warnings from analysts that the digital currency has peaked since hitting $3,000 earlier this month.

The cryptocurrency was at $2,469.80 in early trade, down about 5%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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