Crypto billion dollar wipeout continues while Ethereum leads digital money down


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The second largest cryptocurrency, Ethereum, lost almost a third of its value in the last week and is now at its lowest point in 14 months.

Ethereum was trading under $ US200 at 16:00 AEST on Monday – a decline of around 75 percent since it rose to over $ 800 in May. He has since fallen.

Almost all cryptocurrencies have declined in the last week – even if none as Ether.

Cryptocurrency refers to digital money designed to be secure and anonymous. There are more than 2200 different types of cryptocurrency tracked by – of which BitCoin and Ethereum are the best known.

Cryptocurrency number one, BitCoin, fell 12 percent in the last week to around $ US6300.

"The market capitalization of digital assets plotted by has fallen to $ US197 billion, down about $ US640 billion from its January peak," said Bloomberg.

The news agency said cryptocurrencies suffered because of the "concern" that wider adoption of digital resources will take longer than expected.

"This concern was stressed over the weekend after the US Securities and Exchange Commission temporarily suspended trading in two cryptocurrency-related securities and the co-founder of Ethereum Vitalik Buterin told Bloomberg that the days of explosive growth in the blockchain industry are likely to have come and gone. "

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