c-ether-RTS17T2R-Aly Song

The digital currency that could have surpassed bitcoin is now in free fall

30%

The price of cryptocurrency ether dropped 30% in just about a week, from $284 on July 4 to $201 on July 11.

Published   |  Photo by Reuters/Aly Song
c-ether-RTS17T2R-Aly Song
30%

Price of ether in July

c-ether-RTS17T2R-Aly Song
30%

Ether’s growth was much due to initial coin offerings, in which investors use cryptocurrencies to back projects, similar to traditional investing or crowdfunding.

c-ether-RTS17T2R-Aly Song
30%

But after the ethers changed hands, from investors to entrepreneurs, they had to be converted into other currencies so they could be used to fund the projects.

c-ether-RTS17T2R-Aly Song
30%

It is that massive amount of ether exchanges, into traditional currencies or bitcoin, that is causing the currency to lose value so suddenly.

c-ether-RTS17T2R-Aly Song
30%

Price of ether between 2016 and 2017

Published

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