While the cryptocurrency market has faced the sale of ETH by the Ethereum Foundation and Vitalik Buterin in the last 24 hours, the price of the leading altcoin Ethereum (ETH) has fallen sharply! Here are the details…
Sales by Vitalik Buterin caused a sharp drop in Ethereum (ETH) price!
The sale by Vitalik Buterin with the Ethereum Foundation, a non-profit organization that supports the development of Ethereum and the technologies behind it, plunged the price of ETH sharply. Especially in the last 24 hours, the transfer of 15 thousand ETH worth $ 29.6 million to Kraken by the Ethereum Foundation has brought the price of the leading altcoin back to the levels of $ 1,874.12.
cryptocoin.com As we have mentioned, while the market turned red with these big sales in the market, there was a 5.4% decrease in Ethereum, which had 182 million dollars worth of outflows. With that, the total value of the cryptocurrency market fell to $1.23 trillion. Ethereum Foundation and Ethereum creator Vitalik Buterin, who have sold over 15,000 ETH, could be the trigger behind the recent crypto market sell-off, according to experts. In addition, the Kraken transfer of 200 ETH of $ 390 thousand made by vitalik.eth, the address of Vitalik Buterin, the co-founder of Ethereum, draws attention. However, experts reported that the last major ETH sale by the Ethereum Foundation and Vitalik Buterin in November 2021 caused the ETH price to drop by 40 percent in 2 months.
Big exits are happening in Bitcoin and Ethereum!
The transmitted data reveals a massive outflow of $182 million in the leading altcoin Ethereum on May 6, 2023. Almost 65,000 traders have been liquidated in the last 24 hours, with Bitmex’s largest single liquidation order worth $7.70 million in ETH/USD.
However, open interest rates fell by about 5 percent today as investors expect a slight correction in the market. Meanwhile, Bitcoin Coinbase Premium has bounced higher, showing the difference between Coinbase Pro price and Binance price. However, Bitcoin has climbed above aSOPR 1, indicating that more investors are selling at profit.
BTC price looks set to drop below the 50-DMA as the pattern shows weakness and higher correction probability. Moreover, 20-DMA goes below 50-DMA. Therefore, according to experts, Bitcoin price needs to recover $29.2k and hold above $28.4k for upside momentum.
With the exits, there is a decrease in altcoins!
Altcoins such as PEPE, FLOKI, LUNC, Arbitrum, Litecoin, and Aptos also witnessed a massive drop. In recent days, popular altcoin projects PEPE and FLOKI have recorded a huge profit reservation after rising over 50 percent in the last 24 hours. But momentarily, both cryptocurrencies are in the red, and PEPE is facing investors with a 15 percent decline. Looking at FLOKI, it welcomes us with a decrease of 7.5 percent. On the other hand, Binance has also imposed some restrictions on market order functions, mainly for trading pairs Shiba Inu (SHIB), FLOKI and PEPE.
