On Wednesday, Cryptocurrency ethereum fell more than 8%, which led to a decline for the asset and a wider market.
Ethereum decreased by 8.6% to $ 169.12 immediately after 9.30 am GMT (4.30 mt), a level that has not been observed since May 2017, when ethereum enjoyed its first price spike of the year.
Over the past 7 days, the Crypto currency has decreased by almost 30% and affected the broader decline in the crypto currency market over the past two weeks.
The news flow in the sector continues to be largely a negative trend. The latest blow for the sector is the news that an American judge ruled on Tuesday that US securities laws apply to crypto currencies, which opens the way for a wave of potentially costly and distracting litigation in the sector.
Over the past few weeks, the entire crypto-currency sector has been under pressure, and Mati Greenspan, an analyst with eToro, who follows this sector, told Business Insider: "It just happens for the same trend."
He added: "I think, Vitalik [Buterin, the founder of ethereum]comments the other day, probably had something to do with this. He said that the 1000-fold growth days probably ended. The fact that he is less optimistic about the price movement may lead to the fact that some people will sell a little. And discussions about how to scale the network continue. "
Charles Hayter, CEO and founder of CryptoCompare.com, told Business Insider: "This is a continuation of the story that the ICO is selling its raised funds, which add to the bearish pressure. This frightened the market and turned the phone to a negative mood. "
In other places, other cryptothermia are under pressure on Wednesday morning: