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Ethereum Dips Below $2,500 as Crypto Carnage Intensifies

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Wed, 19/05/2021 - 12:02
 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.

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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.

ETH19005_1
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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