Ethereum falls to lowest since May in crypto slump

Crypto currencies slide

Have a look at the ethereum chart. It’s down 8% today and has broken below the August low to the worst levels since mid-May.

Last week, Vitalik Buterin warned about congestion on the ether blockchain.

“Scalability is a big bottleneck because the Ethereum blockchain is almost full,” he said.

The ethereum chart is a particularly ugly one but it’s part of a rough day for crypto. Bitcoin is down 4% while Litecoin is down nearly 9%.

The moves took place almost simultaneously about 90 minutes ago iwth bitcoin dropping about $600 before bouncing moderately.

Traders are pointing to the usual suspects, mainly tether but stops were part of the story with $150 million of longs liquidated at BitMEX.

While it looks bad in ethereum, the bitcoin chart is still above the July and August lows. Support at $9000 is key.



Crypto Destroyer

Be the first to comment

Leave a Reply

Your email address will not be published.


This site uses Akismet to reduce spam. Learn how your comment data is processed.