In line with falls in value of other cryptocurrencies, Ethereum (ETH) has also faced steep declines which have been exacerbated by the coin’s founder Vitalik Buterin’s announcement that Google wants to recruit him for a Blockchain project of its own.
After rallying from $350 (£261.48) in April to $800 (£597.67) in May, Ethereum is currently trading at around $587 (£438.54).
The recent declines of the major cryptocurrencies have been attributed in part to the disappointing New York Consensus event convened by Coindesk, which failed in its objective to showcase the benefits of Blockchain to the world.
Another factor for the drops in cryptocoin prices was a report on Wednesday by the Federal Bank of San Francisco placing a hypothetical value of Bitcoin at $1,800 (£1344.76) which is lower than its current price of $7,515.84 (£5615.01).
And thirdly, only in the case of ETH, because Buterin when on social media to announce Google’s intentions to hire him, causing traders to worry that if he does accept the job he will leave a void at the Ethereum.
Experts say ETH could continue to lose value if Buterin doesn’t clarify whether or not he will accept the job offer.
Google apparently needs Buterin to work on their Blockchain product, a distributed digital ledger that third parties can use to post and verify transactions. Google is also an investor in multiple Blockchain companies like Ripple, LedgerX and Veem.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.