Ether Dip Drastic in Price as the Investors Flee Out of the Markets

Ether slumped 6.89% in price and closed at $360.64 yesterday. It surpassed all major cryptocurrencies in terms of percentage dropped in price. Despite the DeFi application running on the Ethereum network requiring “Gas” consumption, Ether still faces tremendous sell-off pressure when it comes to the “Cash is King’’ scenario. Frankly speaking, DeFi as a derivative product of smart contract function on Ethereum is impacted drastically by the swing of the traditional financial market. Therefore, previous demand in Ether caused by the DeFi application will reduce until the traditional market stops sliding.

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