Ethereum drops 4% on profit-taking

2018-04-16 13:03:21 GMT (Economies.com)
Ethereum drops 4% on profit-taking

Ethereum fell over 4% on Monday on track for the first loss in seven sessions on profit-taking after hitting four-week highs earlier. 

 

At Bitstamp, ethereum fell $23, or 4.3% to $511 from the opening of $534, with an intraday low at $504, and the highest since March 24 at $537. 

 

Ethereum jumped 6.2% on Sunday, the sixth profit in a row as most cryptocurrencies gained ground in the weekend. 

 

Ethereum closed up 33.5% last week, the first weekly profit in a month and a half, and the largest since the first week of 2018. 

 

Market value of cryptocurrencies fell $12 billion on Monday to $322 billion aafter hitting $339 billion earlier today, the highest since March 24. 

 

The market value recouped over $55 billion last week as short traders close positions to collect profits, while new liquidity enter the markets. 

 

Bloomberg reported that US "Soros Fund Management", which currently manages $26 billion of financial assets, will invest in cryptocurrencies.

 

Adam Fischer, the head of global investment at Soros Fund Management has already gotten internal approval to invest in the new cryptocurrency and blockchain technology sector, according to Bloomberg. 

 

Bancor Network allowed the purchase of ethereum on its platform through credit cards, in a step towards allowing the purchase of other cryptocurrencies through credit. 

 
 
 
  Symbol Last Change Chg.%
1.1690
0.0059
0.5094%
1.3191
0.0121
0.9243%
14.186
0.119
0.846%
71.020
2.033
2.946%
79.46
0.06
0.08%
1201.445
7.670
0.642%
 
 
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