Prices of digital currency ethereum plunged more than 20 percent Sunday morning, amid concerns about the recent price surge and the future of bitcoin.
Ethereum hit a low of $130.26, down 22 percent from Saturday night's prices and the lowest since May 27, according to TradingView charts of Coinbase data. As of midday Sunday, ethereum traded near $159, down about 60 percent from a record $420 hit on June 12, but still up about 1,800 percent year-to-date.
No specific reason for the move was apparent. Digital currency experts pointed to a combination of factors, including worries about a potential split in bitcoin and blockchain startups possibly selling the large amounts of ethereum they have raised in the last several weeks.
Known as initial coin offerings, the fundraisers have gained about $1.2 billion this year, with about $600 million raised in the last 30 days.
Bitcoin also dropped, falling about 12 percent from above $2,000 to below $1,800 Sunday morning, before recovering to trade near $1,938. Bitcoin has doubled in value this year
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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