Bitcoin, Ethereum Headline Plunge of Digital Currencies

Bitcoin and ethereum spearheaded the decline of virtual currencies after posting record highs and experiencing a flash crash last week.

Data showed that bitcoin stood at a low of about $2,255.44 in intraday trading, its lowest since June 15. Ethereum traded at $221.45, down 26%. Also, ripple has lost around 13% to about 26 cents.

Ether, a cryptocurrency based on the ethereum blockchain, dropped June 21 following the congestion on its network slowed down deals, prompting digital currency exchange operators such as Bitfinex to stop transactions.

Still, the two largest digital currencies have soared in value this year. Bitcoin has gained around 150% year to date. Ether started 2017 about $8.

News are provided by InstaForex