Market News

Ethereum price drops dramatically as bitcoin and other cryptocurrency hit by major crash - THE INDEPENDENT

MAY 14, 2022

BY  Andrew Griffin

The price of ethereum has dropped dramatically amid a major crash in the cryptocurrency market.

Ethereum, the second biggest digital coin, was hardest hit among the major cryptocurrencies. It has lost more than 20 per cent in the last 24 hours, with its price dropping below the $2,000 mark that is held as a milestone.

But ethereum was far from alone in suffering bad fortunes. Bitcoin has dropped 12.5 per cent over the last 24 hours, taking it to $26,653 – well below the $30,000 mark that was seen as an important psychological support.

Those difficulties have led the market to drop almost 17 per cent in the last 24 hours – after an already negative few days.

And smaller coins have suffered even more drops in price. Part of the current panic in crypto markets is the result of the dramatic crash of the Terra (LUNA) cryptocurrency, which has lost almost all of its value in a dramatic crash.

Investors have told how they have lost their fortunes after the coin – which had ranked among the top 10 cryptocurrencies – fell 98 per cent in the space of 24 hours.


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