Tanya Abrosimova
Independent Analyst
- Ethereum is falling amid growing trading volumes.
- Cryptocurrency market lacks trust and confidence.
Ethereum is changing hands at $412 at the time of writing. The coin is down 2% since the beginning of the day, after losing nearly 5% on a daily basis. Ethereum's market value amounts to $41.5, while the average daily trading volume settled at $1.4B from shocking $4B on Monday.
From the short-term perspective, trading volumes and volatility have been on the rise during recent couple of hours, which coincides with the sudden drop of Ethereum's price towards $400 handle. Once it is broken, the sell-off will gather pace and take the coin to $359, which is the lowest level of the year.
Traders and investors are losing confidence in cryptocurrencies, which translates into extensive declines and weak rebounds. Hack attacks in Japan and South Korea raise security questions, while central banks and regulators adopt an aggressive stance towards digital assets, adding woes to the market.
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