Ethereum has seen prices crash to massive lows on Wednesday in a week where cryptocurrencies were already struggling to maintain momentum. Etherum has seen losses of more than 25 percent in the past 24 hours, while Bitcoin, Dogecoin and Cardano have dropped between 15 and 30 percent.
Ethereum tumbled in price alongside many other cryptocurrencies on Wednesday, continuing the downward trend seen this week.
Prices plunged for the digital coins on Wednesday after China announced new measures to block cryptocurrencies from being used as payment in the country.
Under the ban, financial institutions and payment companies must not offer clients any service involving cryptocurrencies, such as registration, trading, clearing and settlement.
Three industry bodies, the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China, issued a statement warning against these transactions.
The statement read: “Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.”
