Ethereum price news: Why is ethereum dropping today? ETH going down

Why is Ethereum dropping today?

The cryptocurrency largely held steady at around the $900 mark in February, apart from a drop to $585 on Feb 6 - recovering the following day.

But today Ethereum dropped below the $900 mark again as all other cryptos also recorded losses.

Ripple’s price dropped to £1.06 , as of 8.20am on February 21, down 7.69 percent.

Bitcoin was also down by -2.85 percent, recording a price of $11,175.70.
It is currently unclear why the cryptos have suffered losses today, but market volatility is high in the cryptocurrency world.

Today’s dip comes after President Nicolas Maduro revealed Venezuela had received $735 million in the first day of a pre-sale of the country's "petro" cryptocurrency.

Aimed at pulling the country out of an economic tailspin, the government is developing what is being described as an Ethereum-based token, called the Petro.

Mr Bianchi says that, rather than a cryptocurrency, the Petro is really an Ethereum-based token like many others being seen in the ICO eco-system.