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Ethereum Dips Below $2,500 as Crypto Carnage Intensifies

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Wed, 05/19/2021 - 12:02
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Yuri Molchan
The second biggest cryptocurrency has plunged below the $2,500 level but is slowly recovering as Bitcoin drops to $38,700
 Ethereum Dips Below $2,500 as Crypto Carnage Intensifies
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The native cryptocurrency of the Ethereum blockchain, ETH, has just dropped, hitting the $2,443 level on the Binance exchange.

Earlier today, Ether tanked below the $3,000 price mark—the lowest level since early May. Now, ETH is down approximately 25 percent, hit by the aftermath of Bitcoin tanking below $40,000 after Chinese authorities prohibited financial institutions to deal with any crypto-related businesses on May 18.

At press time, ETH has recovered to $2,704.

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Image via TradingView

Related
Crypto Carnage: Ethereum Slips to $2,900 While Bitcoin Plunges Below $40,000

Bitcoin is also down over 15 percent, trading at $38,377 according to data shared by CoinMarketCap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.