Ethereum Plummets 10% Overnight: Possible Causes Behind the Dump
Ethereum (ETH) has been one of the many victims of the recent widespread sell-off in the crypto markets, which was sparked when Bitcoin faced a sharp drop that sent it to lows of roughly $9,500.
This latest drop has sent Ethereum reeling down 10% to a major support level at $185, and this latest drop may have been perpetuated by a Chinese Ponzi scheme that scammed a total of 800,000 ETH from unsuspecting investors.
Ethereum Plummets to $185 as Selling Pressure Increases
At the time of writing, is trading down just under 10% at its of $185, which marks a significant drop from its 24-hour highs of over $200.
ETH’s recent leg down came about as the entire crypto market faced a massive sell-off, which caused many altcoins to dump 10% or more.
This drop came about just prior to Bitcoin facing a period of capitulation that led it to lows of $9,500. BTC has since recovered from this drop and is now trading above the key psychological price level of $10,000.