Ethereum (ETH) cryptocurrency prices suddenly showed a 10% decline.
At the time of writing, ETH is trading at $ 1,593, slightly higher than last night's record low of $ 1,513.
The Ethereum decline occurred a day before the Chicago Mercantile Exchange (CME) launched ETH futures on February 8, 2021 (Tuesday, 7am Malaysian time).
As announced, CME futures are expected to bring more inflows into Ethereum as this will encourage institutional investors to speculate on the price of the coin in the future.
It could also be that the decline was due to investors leaving their positions prior to the listing. ETH futures contracts make it easier for institutional investors to bet with them.
For example when CME launched Bitcoin futures on December 17, 2017, a day after Bitcoin recorded the highest price, $ 19,015. Since then, the value of Bitcoin has continued to depreciate signaling a bullish end.
There may also be a correction as Ethereum prices hit a new all-time high (ATH) on February 5, $ 1,720.
However, the decline in Ethereum was also accompanied by Bitcoin which also slightly declined 0.88% to $ 38,449 in 24 hours. Similarly, XRP and DOT declined by 4.01% and 0.99%, respectively, to $ 0.42 and $ 19.6, respectively.
