Ether (ETH) Price Drops 20% In Panic Crypto Market Selloffs

Omar Faridi
  • The Ether (ETH) price briefly dropped below $211 in the last 24 hours.
  • The $211 Ether price was last seen on July 30th, 2017 - just a few months before the historic crypto market bull run.
  • ETH is trading at around $225-$230 at press time, which is its lowest price since September 15th, 2017.

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Ether (ETH), the second largest cryptocurrency with a market capitalization of over $23 billion, has dropped to its lowest price since September 15th, 2017. The Ethereum blockchain’s native token is currently trading at $226.67 according to data from CryptoCompare.

At 16:00 UTC, the Ether price had fallen sharply to around $211. This is the lowest price for ETH since July 30th, 2017. As CryptoGlobe reported on August 13th, Ether dropped below the $300 mark for the first time in 2018, while reaching levels last seen in November of 2017.

Crypto Market Crashes As Goldman Sachs Shelves Plans For Trading Desk

In the past 24 hours, the ETH price has declined by nearly 20% - making it one of biggest losers out of all the major cryptocurrencies. Moreover, Ether has now lost all the gains it experienced during the historic crypto market bull run from last year. After trading at an all-time high of around $1,357, ETH is now down by over 84%.

As covered on CryptoGlobe, Bitcoin (BTC), the flagship cryptocurrency, also dropped below $6,900 after a mysterious whale (linked to the now-defunct Silk Road black market) shifted 111,000 BTC and Bitcoin Cash (BCH) to multiple different wallets.

The bitcoin price then plunged for a second time in the past 24 hours, and is now trading at $6,397.93 at press time. The sharp decline in cryptocurrency prices, including Cardano (ADA) which has dropped over 15% in the last 24 hours, is being attributed to Goldman Sachs’ decision to not move forward with its plans to launch a crypto trading desk.

Cryptos Will "Not Retain Value"

The large investment bank may, however, introduce a digital currency trading platform at some later point. Sources working closely with Goldman Sachs revealed that the institution may have shelved its plans for now due to regulatory uncertainty around cryptocurrencies.

As crypto prices crash, it’s worth noting that Goldman Sachs released an extensive report in early August stating that cryptocurrencies will “not retain value” because they cannot function effectively as money. The report also said cryptos did not deserve all the attention and media coverage they have received.

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Mysterious Whale Buys 20,000 Ether on Crypto Exchange Binance

Francisco Memoria

A mysterious whale has recently bought around 20,000 ether tokens, worth $4.3 million, on leading cryptocurrency exchange Binance. Estimates suggest the whale has accumulated 300,000 ETH over the last few weeks.

According to Su Zhu, the CEO of Three Arrows Capital, the Ethereum whale has been accumulating the cryptocurrency during its recent dip below the $200 mark, and has been helping it remain above it.

Some users speculated the whale was just adding a so-called “prop bid,” a move that attempts to manipulate the market by temporarily boosting a cryptocurrency’s price. It would involve the whale adding the order to attract attention and get other buyers entering the market, to then cancel its own order.

Evidence seems to suggest otherwise, however, as the whale’s order was filled and helped the price of ether rise. The order came, according to Finance Magnates, days after a crypto YouTuber claimed a sell order of 15,000 ETH on crypto exchange Bitstamp saw the cryptocurrency’s price drop.

Thanks to the whale’s orders, Ethereum’s ether is currently trading at $217, after rising about 0.6% in the last 24-hour period. Earlier today the cryptocurrency’s price jumped from about $205 to $225 in about an hour.

Whales have, as CryptoGlobe has been covering, been seemingly accumulating cryptocurrency over the past few months. Earlier this month a 15% drop in bitcoin’s price saw whales accumulate more BTC, as data from Coinbase showed its users with the largest balances (the top 10%) were mostly buying the cryptocurrency.

Curiously, a research report from May of this year published by crypto surveillance firm Chainalysis revealed only 376 whales held about one third of all ETH in circulation. These whales were shown to not move their ether very often, as they’re holding their crypto and not actively trading it.