Why is Ethereum down today?

Cryptocurrency co-founded by Vitalik Buterin drops 25.32% in 7-day monitoring period

Ethereum
It was trading 6.96% lower at $1,970.96 after 24 hours of tracking. The cryptocurrency co-founded by Vitalik Buterin lost 25.32% during the seven-day monitoring period.

What happened
ETH followed the downtrend, with the overall cryptocurrency market cap dropping 6.27% in 24 hours to $1.33 trillion.

At the time of publication, ETH has a market cap of $229.48 billion, down 6.99% in 24 hours. Business volume increased by 61.56% to $36.7 billion.

ETH has lost 54.8% since hitting an all-time high of $4,362.35 last month.

because it matters
The latest setback for cryptocurrencies comes as China took strict measures after the country’s central bank ordered financial institutions to stop offering trading, clearing and settlement of cryptocurrency transactions.

Meanwhile, the digital currency group led by Grayscale Investments owner Barry Silbert has announced plans to buy $50 million worth of Grayscale Ethereum Classic Trust shares.

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ETC is often seen as a competitor to ETH, and Digital Currency Group’s move could further add to the bearish sentiment.

Cryptocurrency co-founded by Vitalik Buterin drops 25.32% in 7-day monitoring period