300,000 Ethereum Transfer Sparks Shock At Leading US Exchange
24 Agosto 2024 - 10:30AM
NEWSBTC
In a new development that is creating ripples in the cryptocurrency
space, Whale Alert, one of the top blockchain trackers, has
detected two huge Ethereum (ETH) transfers heading to Coinbase.
Each transfer involved 150,000 ETH, totaling a staggering 300,000
ETH at nearly $395 million. These transactions were carried out
consecutively. Related Reading: Uniswap: Market Swing Yields 12%
Gains – Can UNI Sustain The Momentum? Ethereum: Market Reaction And
Speculation Big movements typically spark speculation. Large
cryptocurrency flows into Coinbase mean the sender may be selling.
Increasing availability could lower market prices. Despite
Ethereum’s 3.25% 24-hour increase, huge transactions keep traders
apprehensive. 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 150,000 #ETH (395,363,754 USD)
transferred from unknown wallet to #Coinbasehttps://t.co/F8H71z62uJ
— Whale Alert (@whale_alert) August 23, 2024 Being so volatile, the
cryptocurrency market easily goes with the whales’ sentiments. Now,
add this to regulatory scrutiny and changing market conditions, and
these transfers may further exacerbate already unstable price
movements. Regulatory And Market Conditions These movements by big
holders or whales add to the growing weight on the bitcoin scene
caused by regulation. The same can be stated with regards changes
in market mood and trading patterns; news on regulation can
influence general market mood. 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 150,000 #ETH
(395,363,493 USD) transferred from unknown wallet to
#Coinbasehttps://t.co/SNfIPLrUOJ — Whale Alert (@whale_alert)
August 23, 2024 The addition of new regulations always brings some
level of uncertainty, increasing the chances of market volatility.
Traders and investors will be keeping a close eye on how these
factors might affect the Ethereum price over the next few days More
Whale Transactions And Price Action On the other hand, another
whale has moved 19,999 ETH to the Binance exchange, which is worth
approximately $52 million. As already mentioned, this layer upon
layer strengthens the narrative of whale activity driving the
market. Notably, one such whaleᅳwho held 96,639 ETH since September
2022ᅳenjoyed huge gains. Having purchased the ETH at $1,567 per
coin, the whale was recently spotted offloading some at $3,199 for
a net profit of a whopping $132 million. It is this kind of trading
activity that underscores the overwhelming influence whales can
have on the price of Ether. Related Reading: Celestia: Market Dip
Leaves TIA Investors 16% In The Red Future price volatility may
result from this, given the regulatory framework and possible
sell-off. The virtual currency market has always been a very
high-stakes game in which significant movements from a large holder
cause massive waves. Featured image from WIRED, chart from
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