Cryptocurrency Ethereum is crashing
Ethereum's price crash has extended to a second day, with the cryptocurrency down more than 15% in early trade on Tuesday.
Ethereum and bitcoin have both rallied strongly since the start of the year, with Ethereum rising over 5,000% from around $8 in January to a high of over $400 on June 13.
The cryptocurrency has been boosted by the rise in popularity of so-called "Initial Coin Offerings" - a money-raising method that uses Ethereum's network.
However, Ethereum fell around 10% on Monday amid talk of a potential price bubble. It is down just over 15% against the dollar to $ at 8.47 a.m. BST (3.47 a.m. ET):
Mati Greenspan, a market analyst with trading platform eToro, told Business Insider over the phone on Tuesday morning that the crash has been "a long time coming."
"Anything that goes up that far, that fast has to have some sort of correction," Greenspan said.
I agree With Greenspan, this had to happen at some point. Obviously the general overall trend will be to recover due to inevitable inherent supply and demand constraints with most cryto currencies.
I suspect big buyers won't step in before $100-125. That's about 1/3-1/4 of ETH ATH.