In a move that has set the cryptocurrency world abuzz, Ethereum co-founder Vitalik Buterin recently made a significant transfer of 600 ETH, valued at a staggering $1 million, to Coinbase Exchange on August 21, 2023.
Read CRYPTONEWSLAND onThe transaction, initiated from Buterin’s own wallet, Vitalik.eth, established in 2016, has left many speculating about its implications. Arkham Intel’s on-chain data suggests that there are concerns within the community about Votalik potentially converting ETH to cash, possibly in anticipation of a significant drop in Ethereum’s value to $1000.
The transfer coincides with a troubling trend of large Ethereum holders offloading their assets. Data indicates that between July and August, wallets holding between 10,000 and 100,000 ETH have collectively dumped a staggering 1.12 million coins, further fueling bearish sentiments in the market.
Ethereum’s price, already struggling to maintain its foothold near the $1,700 mark, is facing increased pressure. Crypto analyst AliCharts warn of a possible correction of 37% to 45%, potentially driving the price down to the psychologically critical level of $1,000. This correction is indicated by the recent downtrend, with Ethereum hitting a six-month low at $1,550.
Market experts are closely monitoring these developments, with some drawing parallels to historical patterns where significant exchange inflows, like Buterin’s, have preceded market sell-offs.
With the market turbulence, all eyes are on Ethereum’s next moves and whether the prophesied price plunge will pass.
Lombard Finance raises $16 million to pioneer Bitcoin restaking. #BTC #Bitcoin
Uncover why #BlockDAG's $2 million giveaway draw and its expedited mainnet rollout position it as…
#Virtune launches a fully-backed #XRP ETP on Nasdaq #Stockholm, offering rapid, cost-effective cross-border payments, backed…
While #XRP and #ADA have been favorites in the past, a new contender is emerging…
Uncover the factors behind #Bitcoin's rise to $63K and how liquidity trends might drive a…
#Ripple rejects #SEC's reduced penalty; challenges regulatory methods. Outcome could impact #XRP prices and the…