Here’s What’s Really Behind Ethereum’s 30% Drop

Here’s What’s Really Behind Ethereum’s 30% Drop

It seems like there’s always some new problem for Ethereum, doesn’t it?

Just last week, the crypto was trading around $3,600. But a couple nights ago, it dropped all the way down to around $2,680.

That’s a 30% drop … and Ethereum brought down the rest of the crypto world with it.

In today’s Market Insights video, Steve Fernandez and I discuss Ethereum’s recent troubles and what to expect for the cryptocurrency going forward.

(If you’d prefer to read a transcript, click here.)


Ian King cryptocurrency bitcoin expert at banyan hill publishing signature

Ian King

Editor, Strategic Fortunes


Morning Movers

From open till noon Eastern time.

Meredith Corp. (NYSE: MDP), the media company parent of brands such as People, Better Homes & Gardens, InStyle, and Southern Living, is up 26% this morning. The move came after the Wall Street Journal reported that the company was is advanced talks to be acquired by IAC/InterActiveCorp, the parent company of publications such as Brides, The Daily Beast and Investopedia.


America Great Health (OTC: AAGH) operates in the health care industry and sells products that range from preventative medications to medical technology and skin care products. The stock is up 24% today on no particular news.


Canoo Inc. (Nasdaq: GOEV), the electric vehicle manufacturer has no real news to report, but it is up 14% today on reenergized interest in the stock from Wallstreetbets and other meme traders.


Progress Software Corp. (Nasdaq: PRGS) develops business applications that work across multiple platforms and devices. The company’s stock is up 13% this morning after it reported earnings for the third quarter after markets closed yesterday. The company beat analyst expectations and even raised its outlook for the year.


Cassava Sciences Inc. (Nasdaq: SAVA) is a clinical stage biotechnology company that develops drugs for neurodegenerative diseases. It is up 9% this morning continuing its growth from yesterday when investors regained their confidence in the stock on the release of positive data from a clinical study of its leading Alzheimer’s drug.


Lyell Immunopharma Inc. (Nasdaq: LYEL) develops T-cell therapies for patients with solid tumors and is up 8% this morning. Investors started buying the dip in the stock as it was approaching its 52-week low earlier this week.


Whitecap Resources Inc. (OTC: SPGYF) is a Canadian oil and gas company that is up 8% today, continuing its upward trajectory as part of a broader movement in Canadian energy stocks.


NetEase Inc. (OTC: NETTF) is a Chinese online gaming, communication and commerce platform. The stock is up 7% today, driven by volatility in Chinese video-game market as the Chinese government brings increased restrictions in the space.


Vail Resorts Inc. (NYSE: MTN) operates mountain resorts and urban ski areas in the US and is up 6% after reporting earnings for quarter four. The company beat both earnings and revenue estimates thanks to a stronger-than-expected bounce back in demand from pandemic lows.


Dave & Buster’s Entertainment Inc. (Nasdaq: PLAY), the operator of entertainment and dining venues, is up 6% this morning as analysts at Jeffries upgraded the stock to a buy rating, based on positive outlook for the near future as we come out of pandemic conditions.

Share This