Cryptocurrency

Ethereum tumbles 12% to four-week trough

2018-10-11 13:14:03 GMT (Economies.com)

Ethereum slumped over 12% on Thursday, heading for the third loss in a row and marking four-week lows as crypto assets suffer after IMF warnings. 

 

At Bitstamp, Ethereum shed $27, or 12.1% to $196, with an intraday high at $223, and the lowest since September 13 at $291. 

 

Ethereum closed up 1.3% on Monday, the second loss in a row as most cryptocurrencies lost ground. 

 

Market value of cryptocurrencies tumbled $17 billion on Thursday to $200 billion, the lowest since September 20. 

 

The sharp tumbles come under the pressure of new warnings by global financial institutions from the rapid growth in crypto assets. 

 

The International Monetary Fund warned that the growth in crypto assets could create new weak points in the international financial system. 

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