Bitcoin and Ethereum go down amid profit taking

Bitcoin and Ethereum go down amid profit taking

On Monday, Bitcoin and Ethereum tumbled because market participants took profit on the recent soar which has seen both cryptocurrencies reach record peaks.

BTC/USD descended to $2,288.1 in America, on the GDAX exchange, losing 7.76%.

Other big exchanges, including Bitfinex, Poloniex and BitStamp also demonstrated the cryptocurrency keeping to the $2,200-level.

Bitcoin has actually struggled to revive having dropped from its high of $3,000 earlier in June, although the digital currency has managed to gain more 150% for the year.

Meanwhile, Ether, a cryptocurrency transacted via the Ethereum platform, decreased 21.63%, being worth $214.70.

Ethereum’s tumble emerged amid concerns that high demand for ethereum-based projects could potentially overloaded the network, provoking flash crashes to take place more often.

Some digital currency traders downplayed the previous week’s flash crash that witnessed Ehtereum sink from $300 to 10 cents on Coinbase’s GDAX exchange, as a motive for the selloff and they were still confident as for the future prospect of cryptocurrencies.

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