Ethereum Moved By Whales

The value of Ethereum, the second most valuable cryptocurrency, fell by more than 8% in the past day. But the recent rise in price of Ethereum has prompted the industry’s “crypto whales” to increase their ETH holdings.

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Ethereum’s value plummets; Crypto-huges Pile On

Approximately 400k Ether has been removed from cryptocurrency exchanges by “crypto whales,” according to data compiled by Whale Alert. In the midst of the price drop, more than $445 million worth of Ethereum was transferred to several untraceable wallets.

Information gathered shows that “whales” transferred over 300k Ethereum (approximately $333 million) from the cryptocurrency exchange Upbit to other wallets. However, the addition of $129.1 million worth of ETH from the same exchange is the largest transaction ever recorded by the tracker.

On the other hand, a whale has amassed 99.99 thousand Ether on the Bitifinex cryptocurrency exchange. There was about $112.4 million worth of value exchanged hands.

Mass-accumulation of whales coincides

This mass-accumulation of whales coincides with the dramatic decrease in Ethereum price. The cost of Ethereum has dropped by 12% during the past week. At the time of publication, the average price of one ether token was $1128. A huge 103 percent increase has been seen in its 24-hour trading volume, which now totals $11.9 billion. It is estimated that the total value of all ETH in circulation is roughly $137 billion.

Sales of Ethereum Hit $40M Mark

More than $180 million has been taken out of the cryptocurrency market in the last 24 hours, as reported by Coinglass data on around 66,704 dealers. However, almost $40 million in trading capital has been pulled out of Ethereum. The long position accounted for 85 percent of the liquidations.

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The value of all cryptocurrencies on the market fell below the critical $800 billion mark. It has reached $795 billion at this time. The value of Bitcoin has fallen by 4% in the past day. As of this writing, the going rate is $16,098.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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