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