Cryptocurrencies dragged down by Ether as it hits two-month low – The National

Cryptocurrencies dragged down by Ether as it hits two-month low – The National

Cryptocurrencies extended their weekend slide on Monday, hampered by a further drop in the second-largest token, Ether, as well as the prospect of a global wave of monetary tightening.

Ether fell as much as 10.04 per cent to a two-month low and was trading at $1,308.36 at 9.20am UAE time on Monday, while Bitcoin receded 6.06 per cent to $18,822.29. Tokens such as XRP, Avalanche and Polkadot posted heavier losses.

An Ether jump since mid-June that was spurred by hype around an upgrade of the Ethereum blockchain is rapidly unwinding now that the revamp is done.