Ethereum nears third straight weekly loss on weak demand

Ethereum fell in spot trading on Friday for the first time in three days, with most of the majors on the market falling, heading for the third consecutive weekly loss due to weak investment demand levels on the world's second-largest cryptocurrency.

On the Bitstamp Exchange, at 11:25 GMT, Ethereum is trading around $215.55, down by $3.54, or 1.6%, from the opening price of $219.09, with the highest at $219.24 and the lowest at $212.51.

On Thursday, ethereum gained 1.2%, its second consecutive daily gain, as its recovery from a one-week low of $ 200.59 continued.

The total market value of cryptocurrencies on Friday lost about $5 billion to $269 billion, with most of the major currencies in the market falling.

The crypto market continues to be dominated by concerns about the tightening and the prohibition of the cryptocurrency exchange, especially with the ongoing attack by US politicians on the cryptographic industry and on the currencies of Bitcoin and Libra.

There is also widespread criticism by regulators and politicians in most parts of the world about the Libra currency.

In the course of the week, Ethereum lost about 5%, about to incur a third consecutive weekly loss due to weak investment demand levels on the world's second largest cryptocurrency.

After the end of the ICO boom, the demand decreased on ethereum which is preferred for ICO financing, causing the currency to fall by 94% from its January highs.

Ethereum is still 85% below these levels, in the negative atmosphere that has dominated the cryptomarket in the recent period.