Ethereum extends losses to 2-week low amid negative sentiment

Ethereum fell by more than 6% on Thursday to deepen its losses for a third consecutive day, to the lowest level in nearly two weeks, amid a negative atmosphere dominating the crypto market, following the attack by US Federal Reserve Chairman Jerome Powell on the future currency of Facebook .

As of 12:33 GMT, Ethereum is trading around $270.55, down by $17.63, or 6.1%, from the opening price of $288.18, with the highest at $288.18 and the lowest at $262.02 (lowest since July 1st).

Ethereum lost 6.1% on Wednesday, the second daily loss in a row, as market sell-off accelerated, following Jerome Powell's comments.

The market value of cryptocurrencies on Thursday fell by more than $19 billion to $309 billion, with most of the major currency prices continuing to fall in the market.

The crypto market has lost about $50 billion after the Federal Reserve chairman's remarks before the US Congress, during which he attacked the Facebook's cryptocurrency "Libra".

Jerome Powell said on Wednesday that Facebook's plan to launch a cryptocurrency known as the "Libra" can not go forward unless the concerns surrounding it are addressed.

Powell added that Facebook's future currency raises serious concerns about privacy, money laundering, consumer protection and financial stability, these concerns must be addressed in a comprehensive and public manner.