Cryptocurrencies
Ethereum Tests $3,000 as Diminished Risk Appetite Hits Highfliers
- Crypto-assets slip across the board as downturn accelerates
- Tightening monetary policy seen as the catalyst behind slump
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Ethereum is starting to test the closely watched $3,000 price threshold as the broader drop in risk appetite in some of the more speculative areas of markets continues to weigh on some of last year’s best performing assets.
The second largest cryptocurrency by market value after Bitcoin fell for a fourth day Wednesday, dropping as much as 3.7% to $3,048, according to data compiled by Bloomberg. The last time that Ether, as the native currency of the Ethereum blockchain is known, slid below $3,000 was on Jan. 10. The token surged about 400% last year, compared with a gain of 60% for Bitcoin. Ether is down about 15% in January.