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Ether Falls to Lowest in Seven Weeks; Offshoot Token Plunges

  • Bitcoin dropped 7.3% in the week, while Ether dropped 16%
  • Investors turn attention back to selloff in riskier assets
Updated on

Ether dropped to a seven-week low and a bonus token awarded to holders of the digital asset tumbled as crypto investors turned their attention back to the broader selloff in riskier assets. 

Ether, the native currency of the Ethereum blockchain, fell for five straight sessions, dropping as much as 6.5% to $1,407 on Friday to the lowest since July 27. It was largely holding those losses on Saturday. The transition of the network to a more energy-efficient method of handling transactions known as the Merge had captured the focus of investors for weeks.