Ethereum gives up $200 mark amid negative sentiment

Ethereum fell on Wednesday to continue its losses for the second day in a row, after giving up the $200 barrier for the first time in two months, amid a negative atmosphere dominating the crypto market, with growing concerns about the prohibition of cryptocurrencies trading in the United States, especially after The sharp attack by American politicians on the cryptography industry, Bitcoin and Libra.

As of 13:40 GMT, Ethereum is trading around $196.55, down by $2.15 or by 1.1%, from the opening price of $198.7, with a high of $205.74 and a low of $192.01.

Ethereum lost 13.2 percent yesterday, the third loss in the last four days, recording a two-month low of $190.41, driven by a massive sell-off wave that dominates the crypto market for the time being.

The market value of cryptocurrencies on Wednesday lost about $8 billion to $252 billion, the lowest level since June 11, as most major currencies fell in the market.

The crypto market is currently dominated by a negative atmosphere as concerns over the prohibition of cryptocurrency trading in the United States continue to rise, especially after the sharp attack by US politicians on the cryptography industry, Bitcoin and Libra.

US President Donald Trump and Treasury Secretary Steven Mnuchin launched a fierce attack on the cryptocurrencies, saying they were being used to support billions of dollars in illegal activities.

Some investors interpreted the US government's aggressive criticism on the crypto industry, as the beginning of the digital assets trading ban in the world's largest crypto market, in a blow that could completely end the future of this nascent industry.