The Ethereum price (ETH/USD) has fallen to its lowest level in nearly 18 months, as the cryptocurrency sector has continued to suffer amid growing market uncertainty.
The third-largest digital currency on the market heavy losses yesterday, with its price dropping below the $150 mark for the first time in 16 months. The coin fell to an intraday low of $147.85, before closing the session at $149.18, according to data from digital currency tracker Coinmarketcap. This was well below the coin’s opening price of $177.18.
The bleeding has continued in today’s trading, with Ethereum falling to as low as $127.89 during the morning session. This was Ethereum’s lowest price level since May 21, 2017.
The coin has since experienced a slight uptick, which allowed it to reclaim the $130 mark. At the time of writing, the Ethereum price was hovering around the $135 mark.
Ethereum’s latest decline comes as a result of a continued crypto sell-off that followed a few negative developments that created uncertainty in the digital currency market. One of these developments, the US Securities and Exchange Commission (SEC) ordering on Friday that two ICO start-ups, CarrierEQ and Paragon Coin, to register their tokens as securities and refund investors, among other things, was particularly relevant to Ethereum, since it is the leading platform for initial coin offerings.
“The SEC regulation last week spooked a lot of people,” said Kyle Asman, partner and co-founder of crypto advisory firm BX3 Capital, as quoted by CNBC. “Those who aren’t sophisticated investors hear ‘SEC’ and they hit the sell button.”
In today’s trading, the Ethereum price stood at $133.36, as of 13:42 GMT. The digital coin has lost 14.3% of its value in the past 24 hours. Its total market cap currently stands at $13.78 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.