Ethereum down to $191.50

September 11, 2018
Chris Wheal

Mid-afternoon UK-time ethereum was down -2.26% to $191.71 while bitcoin was trading at $6,317, -0.28% lower. But there were heavier falls in evidence from Ripple, slipping more than -3.66% while Cardano was down -6.09%.

The crypto downturn was exacerbated yesterday when the US Securities and Exchange Commission confirmed it was suspending trading in Ether Tracker One and Bitcvoin Tracker One. The suspension lasts till at least 20 September.

More broadly the move must dampen hopes – again – for a resolution of a bitcoin ETF application.

Russian malaise

The downbeat sentiment was sufficient to propel ethereum valuations lower, despite the recent savaging of prices.

Is Russian support for cryptos waving?

The unease has spread to Russia where President Putin’s representative on digital development, Dmitry Peskov, says circulation of cryptocurrencies must not be allowed – for the moment.

“This contradicts the state’s basic function,” says Peskov quoted by Bitcoin News. “The consistency is important. If we adopt a draft legislation on the principles of work with cryptocurrency at a general level, then we can discuss the implementation of those principles in ordinary life.”

Nasdaq support for investors

Meanwhile Nasdaq is thought to be coming close to giving institutional investors analysis tools for trading crypto assets.

Citigroup has also devised a new tool for speculating on alternative coins – without ownership complications. Step forward Digital Asset Receipts, or DARs, which may make crypto investment less risky – possibly.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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