Crypto World in Uncertainty Due to Major Moves by Crypto Whales
Cryptocurrency markets are currently fraught with uncertainty due to significant movements by crypto whales. One such whale has transferred 12,374 ETH to Compound and borrowed $31.4 million in stablecoins. With Ethereum potentially falling to $2,984, concerns are mounting that the whale’s long positions may face liquidation. Over the past four days, Ethereum has plummeted from $3,500 to $3,124, marking a decline of over 10% and intensifying fears of further devaluation.
What do the declines in Ethereum and Bitcoin imply? Why are Bitcoin and Ethereum falling? Investors’ key takeaways:
As the cryptocurrency market faces downturns, some whales are capitalizing on the situation. In a notable transaction, one whale acquired 9,425 ETH worth over $30 million from Binance, bringing their total associated trades to approximately $120 million. Visit COINTURK FINANCE for the latest financial and business news.
In addition to Ethereum, this whale’s portfolio includes high-cap coins like BNB, MATIC, LINK, and AVAX, as well as popular meme coins such as Shiba Inu, Dogecoin, Pepe Coin, and Floki.
Why are Bitcoin and Ethereum falling?
Ethereum’s decline appears linked to Bitcoin’s downward trend. Reports indicate that large investors and miners are driving Bitcoin’s decline. Market analyst Charles Edwards noted that long-term holders of Bitcoin are actively selling their assets.
Data shared by Edwards from Glassnode shows that 374,000 Bitcoins (approximately $24 billion) have flowed into exchanges.
Investors’ main takeaways:
Investors should consider the following:
– Monitor the $2,984 level, a critical point for potential Ethereum liquidation.
– Watch whale activity closely, as it can significantly influence market trends.
– Track Bitcoin’s movements, as they often impact Ethereum’s price.
Potential liquidation of Ethereum whales could exacerbate market concerns. A drop to $2,984 could lead to further declines and larger-scale liquidations.
Despite recent declines, Ethereum remains stable around $3,200 after a 5% drop today. ETH’s market cap has fallen to $376 billion, with a trading volume of $20.7 billion.
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Disclaimer: This article does not constitute investment advice. Investors should be aware of the high volatility in cryptocurrency, which involves risks, and conduct their own research.
