Ethereum coin loses 50% of its value and falls to its lowest level in two years
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Answer Ethereum coin loses 50% of its value and falls to its lowest level in two years
The crypto market has strongly interacted in the last 48 hours with global events and with what is happening with most global financial markets.
The Ethereum coin, the second largest coin by total market capitalization, crashed its price and reached up to $120, which is a new record low in 2020.
It is also the worst drop since January 2018.
The day before yesterday, the currency was trading at $200 and today, at the time of writing this article, it has fallen to $120, and the price is constantly changing.
The bearish price movement occurred quickly, as the price of Ethereum fell from $170 to $135 and then fell back to the current level recorded at $120.
Read:Now you can buy Coca-Cola with Bitcoin
These losses incurred by the currency of Ethereum make it one of the worst performing currencies this week.
The rapid decline in the value of Ethereum sparked panic among its owners, who rushed to exchange it before things got worse, causing a sudden increase in transactions, which affected some digital currency trading platforms, including Coinbase, which issued a notice to postpone Ethereum transactions.
During the past hours, about more than 50 billion dollars were erased from the total market value, as Bitcoin fell to the level of 5000 dollars, thus losing more than 22 billion dollars from its market value.
Cryptocurrency markets now. pic.twitter.com/ouKcD4fvjO
– Hudson Jameson (@hudsonjameson) March 12, 2020
Today’s sudden discharge seems to be a delayed or indirect reaction to Advertising The World Health Organization declared that the COVID-19 virus is a global epidemic, in addition to the negative statements of decision-makers about the global health situation, and it seems that it is what drove investors to the frenzy of selling.
Read:Binance, Coinbase, Multicoin invest in a start-up to keep keys in a secure manner
Read also:
Bitcoin falling to the level of $ 5500 … and “Peter Schiff” comment about the decline
3 Reasons Why Bitcoin Price Dropped More Than 10 Percent In The Last 24 Hours
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