Ethereum drops more than 3%, heads for second weekly loss

Ethereum fell on Friday for the first time in the last three days to lose more than 3%, about to incur its second consecutive weekly loss, amid the negative atmosphere that dominated the market after the sharp attack of American politicians on the crypto industry and the Bitcoin and Libra currencies.

On the Bitstamp Exchange by 12:15 GMT, Ethereum is trading around $218.77, down by $7.33, or 3.25%, from the opening price of $226.1, with the highest at $226.66 and the lowest at $214.73.

Ethereum on Thursday gained 6.9%, its second consecutive daily gain, recovering from a two-month low of $190.41.

The market value of cryptocurrencies on Friday lost about $8 billion to a total of $279 billion, with most of the major cryptocurrencies losing ground.

Over the course of the week, the world's second largest cryptocurrency, Ethereum, fell by more than 4%, about to incur its second weekly loss in a row, amid the negative atmosphere that dominated the market after the sharp attack by US politicians on the cryptography industry.

US President Donald Trump and Treasury Secretary Steven Mnuchin launched a fierce attack on cryptocurrencies, saying they are being used to support billions of dollars in illegal activities.

Some investors have interpreted the US government's aggressive attack on the encryption industry, as it could be the beginning of a ban on crypto assets trading in the world's largest crypto market, in a blow that could completely end the future of this nascent industry.

On the other hand, it is reported that the US Commodity Futures Trading Commission (CFTC) is investigating whether Americans are using the BitMEX platform in cryptocurrency exchange.

"The CFTC suspects that the BitMEX Stock Exchange registered in Seychelles has allowed US residents to use its trading platform," according to Bloomberg.

Under the current law, the United States is one of the countries excluded from the use of the BitMEX platform and similar platforms that offer cryptographic-based services.