Why Ethereum's price keeps slipping, and what to watch
Ethereum, one of the biggest cryptocurrencies, has been sliding. On Monday morning, one ether was worth about $2,118. That is roughly $1,465 less than a year ago.
Part of the reason is money leaving. US Ethereum ETFs, which are funds that trade like stocks, lost $365 million in the week to November 6. That was their sixth straight weekly outflow.
Then came a shock. On October 29, hackers stole about $6.3 billion from Binance, a major crypto exchange. Binance linked the attack to North Korea, which denies it.
Then Democrats won control of both chambers of Congress in the midterm elections. Some investors fear tighter crypto rules, and a crypto bill was already stalled.
Not everyone sees doom. The analytics firm Santiment says large bitcoin holders kept buying during the dip, which it calls a bullish sign. Buying does not guarantee a rebound.
Some of the pressure may come from outside crypto too. One industry figure pointed to a wider selloff in technology stocks. No single cause has been proven.
Two things to watch. On Tuesday, November 10, the US releases its consumer price index, the main inflation report. The crypto site Live Bitcoin News calls $2,000 the next major floor.
The second is the weekly ETF data. Fewer outflows would suggest the selling is easing, while more would suggest it may last longer.
