Cryptocurrencies
Ether Tumbles as Short Sellers Pile On
- Second-biggest cryptocurrency drops below $200 threshold
- Collapse in price is greater than the slide in Bitcoin
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The second-biggest cryptocurrency’s slide is deepening as a soaring number of short positions signals traders are betting the pain isn’t over yet.
Ethereum’s Ether had an eye-popping rally, jumping from less than $10 at the start of 2017 to as high as $1,300 in January, according to CoinMarketCap. The fall has been just as spectacular as the digital coin plunged 85 percent from its high in only seven months, piercing through $200 Monday, while short positions on cryptocurrency exchange Bitfinex climbed to the highest ever.