As of Monday evening (June 21), Ethereum was priced at $1,926.72 (£1,384.76), a drop of -9.69 percent in 24 hours, according to CoinDesk. The last few days have been turbulent for the world of cryptocurrency, with the price of bitcoin continuing to crash on Monday morning following a market-wide downturn over the weekend. Ethereum and other cryptocurrencies also suffered last week, with the price of Ethereum dropping significantly last Thursday.
According to CoinDesk, Ethereum was priced at $2,388.08 (£1,712.25) on Thursday afternoon (June 17) – a drop of -2.61 percent in 24 hours.
As of 1.51pm on Thursday (BST) Ethereum had plunged from $2,425.81 the hour prior to $2,390.84.
Ethereum’s drop last week was perhaps linked to a tweet from Tesla CEO Elon Musk on Thursday afternoon about rival cryptocurrency, bitcoin.
Elon Musk responded to a tweet from Bitcoin Magazine about an interview with Kraken CEO Jesse Powell, which stated: “Kraken CEO @jespow: “Bitcoin is ‘greener’ than critics say. I think Elon has some more studying to do.”
Mr Musk replied to the tweet: “Based on what data?”
The tweet from Mr Musk has drawn further attention to the criticisms levelled at bitcoin in recent months about its eco credentials.
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However, according to FCA research, 12 percent of users believe otherwise and the FCA is warning people of the risks involved with investing in cryptocurrencies.
Sheldon Mills, FCA’s executive director, consumers and competition, said: “The research highlights increased interest in cryptoassets among UK customers.
“The market has continued to grow, and some investors have benefited as prices have risen.
“However it is important for customers to understand that, because these products are largely unregulated, if something goes wrong they are unlikely to have access to the FSCS (Financial Services Compensation Scheme) or the Financial Ombudsman Service.
“If consumers invest in these types of products, they should be prepared to lose all their money.”