Market Wrap: Bitcoin Sinks to $11.6K as Ether’s Gas Keeps Rising

Traders In the bitcoin options market don’t expect too drastic a pullback, however, as most strikes are well over $10,000. The second-largest cryptocurrency by market capitalization, ether (ETH), was down Wednesday, trading around $398 and slipping 5.8% in 24 hours as of 20:00 UTC (4:00 p.m. ET).

Peter Chan, a trader at firm OneBit Quant, says the network’s fee costs, also known as gas, are problematic for Ethereum’s DeFi market. The bearish market trend, in addition to the fees, are problematic for the ecosystem’s cryptocurrencies, Chan told CoinDesk.

Timeline of Quant, Ethereum