The price of Ether, the cryptocurrency of the Ethereum network, fell below $500 for the first time this year. This comes days after an SEC commissioner reported dozens of open investigations into ICOs.
The price of Ether fell 19 percent in the last 24 hours, from $580 to $470.
“We do a lot and see a lot in the cryptocurrency space. We plan to further strengthen enforcement in this area,” Stephanie Avakian, co-director of the SEC's Division of Enforcement, said at a conference on Thursday.
The SEC's decision to increase oversight of ICOs is particularly significant for the Ethereum community because many new ICOs have been built on the Ethereum platform. People creating a new token on the Ethereum blockchain must purchase ether, the currency used to pay for Ethereum transactions. Therefore, if increased SEC oversight ends the ICO boom, it will eliminate the main factor that drove the price of ether higher during 2017.
Over the past 24 hours, the price of ether has fallen dramatically, but the prices of other types of cryptocurrencies have also fallen. Bitcoin fell 6 percent, falling below $7,500 for the first time since early February. Bitcoin Cash, Litecoin, Monero and Dash all fell by about 10 percent.
According to https://arstechnica.com
You May Also Like
Opinion: Ether is a more democratic cryptocurrency, it is still available to small investors
The entire year of 2021 has been generally positive for the altcoin market. And Ether strengthened its position as the second coin on the market. Since the beginning of 2021, the coin has given its investors +667.4% growth. To understand what the future of Ether will be, it is worth considering the key events of the network in 2021.
The launch of the Constantinople update is postponed
The launch of Constantinople, the next system update for the Ethereum network, had to be postponed. The Constantinople hard fork on the Ropsten test network was delayed by five days.
