Ethereum drops for second consecutive day on weak demand

Ethereum fell on Monday to continue its losses for the second day in a row, amid weak demand dominating the market during the current period, as concerns over the future of the US crypto industry continue.

On the Bitstamp Stock Exchange, by 12:35 GMT, Ethereum is trading around $221.77, down $4.38 or by 1.9%, from the opening price of $226.15, with a high of $228.30 and a low of $218.94.

Ethereum lost 1.5% yesterday on correction and profit taking after recording the highest level in a week at $236.52.

The total market value of cryptocurrencies on Monday fell by about $3 billion to a total of $283 billion, with most of the major currency prices falling in the market.

Most of the major cryptocurrencies are retreating, with weak demand dominating the market during the current period as concerns about the future of the US cryptocurrency industry continue.

US politicians last week launched a sharp attack on the cryptographic industry, especially the Bitcoin and the Libra currencies, which could be the start 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.