The Ethereum price (ETH/USD) has fallen to its lowest level in 16 months due to another big sell-off on the crypto market.
Having suffered big losses in previous sessions, the digital coin found some respite on Sunday with its price seemingly stabilising near the $175 level. The coin finished the day at $177.07, slightly higher than its opening level of $174.18.
However, Ethereum resumed its decline in today’s early trading, when the cryptocurrency market saw its latest big sell-off. But while many of its rivals experienced sharp drops, Ethereum saw its price tumbling down in a much more gradual manner. Even so, Ethereum has been the biggest losers today, as its price fell to as low as $154.98, which is its lowest level since July 16, 2017.
Ethereum has had rough time after the crypto market crashed on Wednesday. Some of Ethereum’s major peers attempted recoveries after the collapse, but Ethereum was mostly on a downward trajectory in the past few days.
The coin’s performance may have been additionally affected by the US Securities and Exchange Commission’s (SEC) recent ruling regarding two ICO start-ups. The regulator said on Friday that CarrierEQ and Paragon Coin were to register their tokens as securities refund investors, pay penalties of $250,000 and file periodic reports to the SEC. This prompted some experts to suggest that the watchdog was moving to regulate the wider ICO sector.
Ethereum is currently the leading platform for initial coin offerings, as the network allows start-ups to create their own tokens based on Ethereum’s ERC-20 standard.
In today’s trading, the Ethereum price stood at $154.97, as of 14:08 GMT. The digital coin has lost 11.8% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.