Ethereum coin price falls 20% in 24 hours

The price of the Ethereum coin has dropped below $ 500 for the first time this year. The drop comes days after a senior Securities and Exchange Commission (SEC) official acknowledged that the agency had "dozens" of open investigations into initial offers on this currency. Its price has dropped 19% in the last 24 hours, from $ 580 to $ 470.

Ethereum continues to fall in its valuation

"Obviously we are doing a lot in the crypto space, and we are seeing a lot in the crypto space , " Stephanie Avakian, co-director of the SEC's Enforcement Division, said at a conference Thursday. "We are very active, and I would expect to see more and more." Hinting that there are big irregularities about Ethereum and its internal currency ether.

The SEC's decision to aggressively monitor cryptocurrency offerings is particularly significant for the Ethereum community because many of the new cryptocurrency (or cryptocurrency) offerings are built on the Ethereum platform. People who create a new token on the Ethereum blockchain need to buy Ether, the currency used to pay for Ethereum transactions. Therefore, if the SEC's aggressive enforcement ends the Initial Coin Offering (ICO) boom, it would remove a major factor that pushed the value of ether during 2017.

Bitcoin and other cryptocurrencies also fall

Ether has seen the biggest losses of any other major cryptocurrency in the past 24 hours, but other currencies also had losses. Bitcoin has fallen 6% in the past 24 hours, dropping below $ 7, 500 for the first time since early February. Bitcoin Cash, Litecoin, Monero and Dash are down 10%.

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