The broad sell-off in the crypto market could be attributed to the potential Chinese housing bubble crisis.
Ethereum is experiencing a decline in its prices and is trading in red.
On 21 September, at the time of writing, Ethereum was trading at US$3,019.56, down by 8.40%% in the last 24 hours, and has declined by 8.48% over the past one week. As a result, its market cap was pushed to over US$354 billion.
What triggered Ethereum’s slump
The crypto market, which looked healthy and had been exuding confidence of late with El Salvador becoming the first country to accept Bitcoin as a legal tender, has suddenly become unenergetic with major coins losing their market share.
The drop in prices can be seen mainly on account of market volatility generally associated with cryptocurrencies.
Moreover, the broad sell-off in the digital currency market is driven by anxiousness related to a potential housing bubble crisis looming in China.
It is pointed out that Evergrande, the Chinese property developer, is facing a major liquidity crisis, with obligations amounting to hundreds of billions to its creditors.
Read More in detail: Why Ethereum price dropped?
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