The Ethereum price (ETH/USD) has hit its lowest level in nearly a year, after seeing steep drops on Wednesday afternoon and today’s early trading.
The second-largest cryptocurrency has been hit by a sharp decline following a Wednesday report that Goldman Sachs is shelving near-term plans to open a trading desk for digital currencies. Prior to the report, the coin was having a rather uneventful trading session, with its price hovering just above the $285 mark. However, the coin tumbled in the afternoon, unable to resist the massive sell-off triggered by the report. Ethereum finished the day at an intraday high of $232.33, down from its opening level of $286.05.
The coin fell to as low as $218.47 in the early hours of today’s session, which was its lowest level since September 15, 2017. The cryptocurrency has managed to stop its decline in subsequent trading and is currently trading at around $230, according to data from digital currency tracker Coinmarketcap.
Ethereum’s latest drop means that the coin has now lost most of the progress it made during its bullish run in Q4 2017 and early 2018. That rally peaked on January 13, when the coin reached its all-time high of $1,432.88. At current price levels, the Ethereum price is down more than 84% from this high.
In today’s trading, the Ethereum price stood at $228.95, as of 14:53 BST. The digital coin has lost 11.8% in the past 24 hours, which makes it the worst performer among the top 10 digital currencies by market capitalisation. The coin’s total market cap currently stands at $23.3 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.