Ethereum falls off week high as cryptocurrencies retreat

Ethereum fell on Tuesday off week highs on profit-taking as most cryptocurrencies lost ground, following strong gains on Monday on the back of a selloff in the Tether cryptocurrency on Bitfinex. 

At Bitstamp, Ethereum fell $1, or 0.5% to $203, with an intraday high at $208, and a low at $201. 

Ethereum rallied 6.8% on Monday, the largest profit since September 27, and marking a week high at $219. 

Ethereum tumbled 14.7% last week, the third weekly loss in a row following warnings by the IMF on the risks of crypto assets. 

Market value of cryptocurrencies fell $3 billion on Tuesday to $209 billion, after hitting $221 billion yesterday, the highest since October 9. 

Tether Jitters 

Major cryptocurrencies gained ground on Monday on news that most platforms are dumping Tether, inflating a violent selloff on it. 

The selloff was initially instigated by concerns over the difficulty of linking Tether to the dollar, damaging the virtual currency's appeal and putting its future in jeopardy. 

The tribulations regarding Tether sent traders to Bitcoin and other major cryptocurrencies, which are considered safe havens within the crypto world.