The second largest cryptocurrency by market cap is apparently being pushed by a so-called “Ethereum whale” who is actually an anonymous investor who received more than 314,000 ETH from the network’s Genesis block as a result of their investment when Ethereum was an initial coin offering (ICO).
According to rumors, this same “Ethereum whale” this week only funneled approximately 20,000 ETH to the exchange Bitfinex, which was worth approximately $5.5 million at the time of writing.
The movement was first noticed by the California-based attorney Zoe Dolan, who is focused on monitoring the wallets in the Ethereum Genesis block for the evidence of “capitulation”.
just a reminder that 93,750 ETH recently went from the genesis block wallet thru to Bitfinex
0x7D04d2EdC058a1afc761d9C99aE4fc5C85d4c8a6 –> 0x0A0fed0ff3495fe93749CDe2B692b7e217dc739c –> 0x976FD26BC177542C3aDE3aA28b374f866E7ddE4B –> 0xc055DF46E91c59EB07eb482d6d8d3EBc7cC5452e
— Zoe Dolan (@ZoeJDolan) August 21, 2018
Still, while the 20,000 in ETH is a small portion of the initial balance of the wallet, it is still millions of US dollars we are talking about. In May, the wallet funneled more than 116,000 ETH which was worth $65 million at the time – and most of these funds ended up at the exchange in a series of transactions that were made over the past couple of months.
The move was also planned so that the Ethereum price can move in the positive. According to some analysis, it has declined by more than 50% since the wallet first began moving its funds to Bitfinex, falling from $573 (May 2018) to the current price of $275.
Constantinople Hard Fork Will Launch In Late February: Core ETH Developers
Nearly 1.5 Million People Used dApps In 2018, More Than A Half Being On Ethereum
"TRON is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem."TRON (TRX) launched 97 decentralized applications in 2018, while its ecosystem and community have been growing at an alarming rate. This week, TRX was added to OKCoin, which is one of the largest US exchanges, in order to be traded against fiat, Bitcoin and Ethereum. The report also showed that gambling accounted for $3 billion in transactions over the course of 2018 in dApps.
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
“Coinbase intends to support the Constantinople Ethereum (ETH) upgraded. Upon commencement of the upgrade, for security and technical purposes, we will temporarily pause sending and receiving ETH across all of our trading platforms until the upgrade completes and we confirm security of the network.”Kraken also confirmed the support of Constantinople in a tweet, adding that the exchange "expects that this will be a non-contentious fork" and will not spark competing ETH chains like the Bitcoin Cash hard fork which occurred in November.
“Kraken will be supporting this. No new coins will be credited to ETH holders as we expect the old chain will quickly become obsolete," the exchange said on Twitter.Meanwhile, ETH/USD has been seeing short-term support in the run-up to the hard fork, seeing the largest gains in the top twenty cryptocurrencies over the past 24 hours and surging by 8.7%.
TrustToken (TrueUSD) Develops A New Method For Managing Client ETH Addresses For Crypto Exchanges
"While exchanges are currently able to set up individual addresses for users, there is no standardized process for the backend accounting for how these accounts are settled, and each transaction requires gas payments. AutoSweep is the first implementation of an ‘alias’ feature for an Ethereum-based token and allows exchanges to significantly improve both the accounting structure and save on time and gas cost by automatically sweeping user accounts to the central wallet."The press release also includes a diagram on how the process works. According to the lead engineer, "the AutoSweep features have big implications for the Ethereum blockchain more generally and could be applied to any ETH token." All of this could make ERC-20 token trading cheaper and help exchanges to benefit from a new discovery, saving thousands of dollars on behalf of their customers through gas savings.
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