Ethereum Plummets More Than 10%

Bitcoin rival ethereum dropped Monday despite a major exchange’s efforts to shore up confidence by announcing a credit for customers who lost money during last week’s flash crash.

Ethereum, also known as ether, traded 11 percent lower Monday morning, near $268, according to CoinDesk.

Last Wednesday, ethereum briefly plunged in a flash crash from above $300 to 10 cents on Coinbase’s GDAX exchange. On Friday, the exchange said it would credit customers who “experienced a margin call or stop loss order” on GDAX during the flash crash.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.