Along with bitcoin, the largest altcoin ether (ETH) also suffers losses this week.
The coin on the night of Thursday, May 20, fell in price to $ 2,571. ETH was last traded at this level on April 22 of this year. Cryptocurrency capitalization decreased over the day by almost 25% to $ 295.867 billion.
Recall that on May 13, the ether rate reached $ 4,150, and some analysts bet on its spurt to $ 5,000 by the end of May. There have even been predictions that altcoin will rise in price to $ 10,000 by the end of 2021.
That all changed after a tweet from Elon Musk announcing last week that Tesla would stop accepting bitcoins. After that, all digital currencies fell.
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Nevertheless, Viewbase data shows that the outflow of ether from exchanges continues. Such a policy of traders suggests that they still adhere to a strategy of long-term storage of cryptocurrency.
Over the past seven days, 657,770 ETH have left the trading floors for up to $ 1.973 billion. During the same period, investors sent 11,933 bitcoins to exchanges for a total amount of up to $ 486.4 million.
It should be noted that investors withdrawing ether from trading platforms send coins to the ETH 2.0 deposit contract. Now it contains 4 697 890 ETH for a total amount of up to $ 14 billion.