Billion-dollar crypto wipeout continues as Ethereum leads digital money down

iCandy had to can its cryptocurrency plan but will still be involved in an Ethereum-backed gaming platform. Graphic: Getty

The second biggest cryptocurrency, Ethereum, has lost a third of its value in the past week and is now at its lowest point in 14 months.

Ethereum was trading below $US200 on Tuesday morning — a fall of about 75 per cent since it rallied to above $US800 in May. It’s fallen ever since

Pretty much all cryptocurrencies are down over the past week — though none as much as Ether.

Cryptocurrency refers to digital money designed to be secure and anonymous. There are more than 2200 different types of cryptocurrency tracked by CoinMarketcap.com — of which BitCoin and Ethereum are the best known.

The number one cryptocurrency, BitCoin, is down 13 per cent over the past week and was trading at $US6287 on Tuesday morning.

“The market capitalisation of digital assets tracked by CoinMarketCap.com shrank to $US197 billion, down about $US640 billion from its January peak,” reported Bloomberg.

The news agency said cryptocurrencies were suffering amid “concern that a broader adoption of digital assets will take longer than some had anticipated.

“That worry was underscored over the weekend after the US Securities and Exchange Commission temporarily suspended trading in two securities linked to cryptocurrencies and Ethereum co-founder Vitalik Buterin told Bloomberg that the days of explosive growth in the blockchain industry have likely come and gone.”