Ether Drops Below $1,400, Pummeled By US Inflation And Difficulty Bomb Setback

Ether fell to its lowest level in more than a year as altcoins took a greater beating. The second-largest cryptocurrency by market capitalization recently traded for approximately $1,450, a decline of more than 15 percent since the weekend. At the time of writing, Ethereum is trading at $1,327.40, a decrease of 26.5 percent over the previous week. Monday’s Coingecko statistics shows that ETH has lost over $200 in the last 24 hours and over $500 in the last week. Ether Market Cap Sheds $38 Billion In Three Days Throughout most of the last 30 days, the price of ether hovered around $1,800. The second part of the week was a miserable one for Ethereum, with its market capitalization falling by almost $38 billion in the last three days. Suggested Reading | Bitcoin Takes A Beating At $27K As Crypto Economy Settles Just Above $1 Trillion The overall market capitalization of cryptocurrencies has been trading in a downward trajectory for the past month and is currently supported at $1.17 trillion. The cryptocurrency market lost more than $100 billion over the weekend after Treasury Secretary Janet Yellen offered a gloomy crypto forecast. Friday, crypto prices fell in tandem with the S&P 500 and Nasdaq, both of which were down 2.9% and 3.5%, respectively. Next week’s two-day Federal Reserve meeting is anticipated to result in additional interest rate increases. The losses of cryptocurrencies mirrored those of the eq...