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The cryptocurrency ethereum has plummeted more than 8% on Wednesday, extending the collapse of assets and the broader market.
Ethereum is down 8.6% to $ 169.12 just after 9:30 GMT (4:30 ET ET), a level not seen since May 2017 when ethereum was enjoying the first raise of the price of the year.
The cryptocurrency has decreased by almost 30% in the last 7 days and has seen a larger decline in the cryptocurrency market over the last two weeks.
The flow of news in the sector continues on a largely negative trend. The latest blow to the industry is the news that a US judge ruled on Tuesday that US securities laws apply to cryptocurrencies, which opens the way for a wave of potentially expensive and distracting litigation in the industry .
While the entire cryptocurrency industry has been under pressure in recent weeks and Mati Greenspan, an analyst with eToro following the industry, told Business Insider: "It's just following the same trend".
He added: "I think that Vitalik's comments [Buterin, the founder of ethereum] the other day probably have something to do with this, he said that the 1,000-unit growth days are probably over. bullish on the price movement may Some sell a few people and discussions are ongoing on how to size the network. "
Charles Hayter, CEO and founder of CryptoCompare.com, told Business Insider:" It is the continuation of the fact that ICO is selling the funds raised that are increasing downward pressures, which has frightened the market and turned the dial up on the negative sentiment. "
Elsewhere, other cryptocurrencies are under pressure Wednesday morning: [19659009]
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