Ethereum falls more than 8% as crypto market loses $13 billion

Ethereum fell by more than 8% on Thursday's spot trading, with a second loss in the last three days as correction and profit taking accelerated after a strong wave of gains, with the crypto market losing about $13 billion in less than 24 hours, In a negative sign that indicates a halt to the bullish market.

 As of 12:25 GMT, at Bitstamp, Ethereum is trading around $163.22, down by $14.49 or by 8.1%, from the opening price of $177.71 with the day's high at $178.00 and the low at $160.33.

Ethereum yesterday gained 1.2%, after losing 2.8% on Tuesday's trading on correction and profit taking from the highest level in five months at $187.26, which was recorded the day before.

The market value of cryptocurrencies on Thursday fell by about $13 billion to a total of $169 billion, with a large decline currently in most of the major currency prices in the market.

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

The correction and profit-taking in the crypto market accelerated on a strong wave of gains, with most of the major cryptocurrencies hitting their highest level in five months.

The current decline appears to be logical due to oversold levels, but the market losing about $13 billion in less than 24 hours causes difficulty, as it's a negative sign that indicates the end of the bullish trend in the market, which dominated most major currencies since early April, especially the world's largest cryptocurrency, Bitcoin.

On the other hand, Chairwoman of the International Fund, Christine Lagarde, said that the Blockchain technology is shaking the traditional financial world, and has a clear impact on the movements of existing financial institutions.

At the same time, the US Department of Energy project, which is based on the usage of the Blockchain technology to enhance the security of power plants is entering its second phase. As the project aims to prevent remote attacks, such as those that hit Ukraine's network in 2016.