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Why is Ethereum (ETH) price down today?

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Ether (ETH) price is down on May 17, reaching a 7-day low of $1,788. The Ether price drop comes a day after Chinese prosecutors vowed to crack down on the NFT market.

Ether price was dealt another blow with lawmakers in the United Kingdom claiming that crypto assets should be regulated like gambling due to the high-risk nature of investing.

Ethereum long liquidations. Source: CryptoQuantEthereum volume and TVL. Source: DeFiLlamaEthereum exchange netflow. Source: CryptoQuant

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