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.
ETH Nosedives 15%, Crypto Market Value Drops To $28 Billion
“Mid/long term bullish; Short term bullish above 11500/11600, bearish below 11300; R: 11800, 12000, 12300, 12500; Key level above for bears to defend is 12300; if price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760.’’Kruger cited that the remark of the U.S. President Donald Trump on bitcoin dismissing the cryptocurrency as an asset class, has potential short term bear signals:
“Many have interpreted Powell’s testimonies & Trump’s bitcoin remarks as short term bearish. The long-term impact could be seen as either bullish (awareness) or bearish (increased regulatory tail risk). Coupled with a lower high, the balance has shifted slightly to the downside.’’Despite the downside movement of the number one cryptocurrency and the rest of the cryptocurrency market was technical and many executives considered the first remark on bitcoin by the US President as a positive indicator. The regarded trader Cred stated that the $10,900 to $11,000 range is a very important support level and he stated:
“$10,900-$11,100 has been support. A strong daily close through that level would be good evidence that sellers are in control. Losing $10,500 would support that idea. Weekly chart looks heavy with price being accepted below $11,700 area. Bullish bias only above major S/R.’’As noted in the latest cryptocurrency news, other technical analysts Josh Rager explained how eth nosedives and how the bears made a comeback in the past week citing a $10,500 as an important level for bitcoin.
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“We didn’t offer a good onboarding experience. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started," the statement said.Some of the other areas of concern he noted included not being decentralized, not being regulated and perhaps trying to offer too many options as a broad scale predictions marketplace.
“… ultimately we failed to find a good fit between what we were building and the market as it exists today. … But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future," Fletcher-Hill wrote in the altcoin news.
Ether Is Consolidating The Losses Against Bitcoin
Ethereum’s Biggest Threat Could Be Binance According To Analysts
“They’ve asked for big listing fees. They influence which coins win and lose by deciding which trading pairs they have – so it’s weird to criticize that one decision (the delisting) without looking at all their others.”As noted in the latest cryptocurrency news, Buterin is one of the very few people to criticize exchange listing fees but Binance was not named directly. He added:
“We can really take away this stupid king making power that these centralized exchanges have where they have this ability to just decide which tokens become big by deciding to list them and then charging these crazy $10 million to $15 million listing fees. The more we can get away from that world and into something which actually satisfies the blockchain values of openness and transparency the better.”
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