The month started with all cryptocurrencies showing signs of resistance to bear control over the market. However, this was broken yesterday when the coins failed to resist the bear attack, with most of them breaking their support level and entering a free fall. Additionally, most of the coins in the top ten were seen bleeding in two digits, including Bitcoin [BTC] Etreo [ETH], and XRP.
Etreo [ETH], the third largest cryptocurrency by market cap, remains one of the hardest hit currencies on the market. The coin, which is being crushed by the bear, has settled below the $ 100 mark.
According to CoinMarketCap, at the time of publication, Ethereum was trading at $ 86.90 with a market capitalization of $ 8.88 billion. The coin registers a trading volume of $ 2.28 billion and has witnessed a significant drop of over 14% in the last 24 hours.
Most of the currency's trading volume comes from OEX with ETH / BTC. The second highest is registered in RightBTC with the Bitcoin pairing and the third place is occupied by LBank. The other exchanges on the top 5 list include OKEx and Bitfinex.
Along with this massive drop, the cryptocurrency witnessed a sudden drop of nearly $ 12 on Coinbase Pro with the USDC pair. However, the coin quickly jumped to its old position.
Also, this is not the first time that Ethereum pricing crashed on Coinbase. Earlier this year, the coin briefly crashed to $ 0.1 from trading above $ 300 on Coinbase GDAX. This resulted in the return of clients who incurred due to this and also allowed clients, who made profits due to the fall, to keep their funds.
The exchange was quick to act on the flash flash this time as well. They stated on Twitter:
"We were aware of the price movement in one of our order books that occurred in the course of regular business activity. In the last 24 hours, all Coinbase platforms have been operated as planned and no incidents have been identified at all the system".