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Ether Plunges Below $2K, Bitcoin Dips to $32K

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Mon, 06/21/2021 - 07:10
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Alex Dovbnya
Ether has plunged to its lowest level since May 23
Ether Plunges Below $2K, Bitcoin Dips to $32K
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Ether, the second-largest cryptocurrency, collapsed below the psychologically important level of  $2,000 for the first time in nearly a month. It reached an intraday low of $1,976 on the Bitstamp exchange at 6:46 a.m. UTC.  

Ether
Image by tradingview.com

Ether is now down more than 20 percent over the past week. 

Related
Digital Currency Group’s Barry Silbert Warns of “Dicey” Week as Bitcoin Struggles to Gain Footing Above $35,000

Other major altcoins are also taking a massive hit at the time of writing. Ripple-affiliated XRP is currently trading at $0.69. Dogecoin is sitting at just $0.25.  

Bitcoin is currently changing hands below $33,000.    

The total crypto market cap has shrunk to $1.3 trillion. 

China's ongoing crackdown on the industry is believed to be the main headwind that is putting pressure on the market.    

The latest dip appears to have been triggered by Agricultural Bank of China, the third largest bank in the world, publishing and then deleting a statement about banning customers that deal with cryptocurrencies. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.