Ethereum falls on correction, as Bitcoin pulls back

Ethereum fell on Tuesday's spot trading, as it heads for its first loss in five days on corrections and profit-taking, after recording a 5-month high yesterday, in addition to a halt in the rise of Bitcoin, which was behind the recent wave of recovery in the crypto market.

On Bitstamp, by 12:22 GMT, Ethereum is trading around $178.18, down by $2.53 or 1.4%, from the opening price of $180.71, with the highest at $180.84 and the lowest at $174.19.

Ethereum gained 3.3% yesterday, its fourth daily gain in a row, recording a five-month high of $187.26, with most major cryptocurrencies continuing to rally in the market.

Ethrium succeeded in adding 24% over last week's trading, its second consecutive weekly gain, and the biggest weekly gain since December.

The market value of cryptocurrencies fell by more than $4.5 billion to $178.5 billion on Tuesday, with most of the major currency prices falling in the market.

The total value of digital currencies yesterday reached $186 billion, which is the highest level since last November.

The current decline in the prices of the world's second-largest cryptocurrency comes due to marked corrections and profit-taking activity, in addition to a halt in the rise of the Bitcoin, which led the recent wave of recovery in the crypto market.

This comes as the Chinese government intends to ban mining activities according to the industries draft list submitted by the National Development and Reform Commission NDRC on Monday.

China is the world's largest market for the cryptocurrency mining equipment, whilst these activities are illegal in the country. If this is confirmed, the negative stand of government authorities toward 

crypto assets and related activities will continue.