UAE stablecoin issuer gets greenlight, FTX customers sue hedge fund: Law Decoded
While the UAE central bank has given a significant regulatory nod to a new stablecoin, an FTX customer sued hedge fund Olympus Peak over its alleged profits from the exchange’s meltdown.
Uniswap Labs, UNI holders could make $468M a year from new L2: DeFi Report
Uniswap Labs and UNI tokenholders will benefit the most from Unichain, while ETH holders will likely see the biggest loss, says DeFi Report founder Michael Nadeau.
Peter Todd named Satoshi on HBO, Mt. Gox repayment plan deadline postponed, and more: Hodler’s Digest, Oct. 6 – 12
Mt. Gox postponed the deadline to repay creditors, Canadian Bitcoin core developer Peter Todd was named Satoshi in HBO doco: Hodlers Digest
Blockchain data firm Arkham to launch derivatives exchange: Report
Arkham Intelligence’s token, ARKM, is up more than 16% on the news, according to CoinGecko.
Plus Token’s $1.3B ETH could be sold, ‘Crypto King’ arrested: Asia Express
New analysis suggests $ 1.3B of ETH from Plus Token Ponzi could be headed to exchanges; Upbit monopoly sparks bank run fears. Asia Express.
Why is Solana (SOL) price down today?
Solana price is down today, but does data support a medium-term target at $ 190?
Building real-world projects using meme-inspired strategies
Memecoins can fuel viral growth — as they did for the crypto market throughout 2024 — but they also often lead to pump-and-dumps.
Price analysis 10/7: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA
Bitcoin price opened the week with a bang as altcoins and stocks turned green, but $ 65,000 to $ 66,500 remains a tall hurdle for BTC to overcome.
US gov files complaints to seize assets from North Korean hackers
According to PeckShieldAlert, losses from crypto hacks and exploits accounted for over $ 120 million in losses during September 2024.
Ethereum ICO Participant Offloads 6,000 ETH As Bearish Sentiment Intensifies
According to data from CoinMarketCap, the price of Ethereum slipped by 10.23% over the last seven days in line with the general market negative movement. This crypto market downturn has been attributed to multiple factors including heightened geopolitical tensions in the Middle East and rising liquidations of long positions.
While Ethereum has experienced some rebound in the last day gaining by 3.21%, investors remain uncertain of a full price recovery with bearish sentiments raving through the market. Notably, an Ethereum ICO participant has now sold off a substantial amount of ETH intensifying concerns of a prolonged downward trend.
Ethereum ICO Wallet Continues Selling Spree, Offloads 40,000 ETH In Two Weeks
According to data from blockchain analytics firm, Lookonchain, an Ethereum wallet with the address “0xBF4” moved 6,000 ETH worth $ 14.11 million to the Kraken exchange on Friday. So far, the address has been identified as an early Ethereum investor who acquired 150,000 ETH valued at $ 368 million in the asset’s initial coin offering (ICO) in 2014.
Data from Lookonchain highlights this is the second ETH sale by “0xBF4” in the last week after the ICO participant initially sold 19,000 ETH, valued at $ 47.54 million over Wednesday and Thursday. Notably, this ETH whale has transferred out 40,000 ETH worth $ 101 million since September 22, holding a balance of 99,500 ETH valued at $ 238 million.
Generally, massive token offloads by large holders e.g. whales are interpreted as bearish signals as they indicate a lack of confidence in the asset’s long-term profitability. Sales such as those seen from “0xBF4” may trigger a panic selling from smaller investors inducing a stronger downward pressure on Ethereum’s price.
Related Reading: Crypto Capo Returns After 2 Months To Predict Ethereum Decline To $ 1,800, Is It Time To Go Long?
108,000 ETH Moved To Exchanges In 24 Hours
Aside from the wallet address “0xBF4”, other investors have recently sold off large amounts of ETH. According to analyst Ali Martinez, 108,000 ETH valued at $ 259.2 million have been transferred to exchanges in the last day. This massive sale activity indicates a heightened sentiment in the ETH market.
Currently, Ethereum trades at $ 2,399 following its recent price rally. However, its daily trading volume has declined by 17.48% and is valued at $ 14.61 billion. If bearish sentiments persist, ETH could retrace to around $ 2,200 at which lies its next significant price level. However, amidst massive selling pressure, the altcoin could trade as low as $ 1,600.
With a market cap of $ 291.40 billion, Ethereum continues to rank as the second largest cryptocurrency, with a market dominance of 13.47%.
Featured image from NullTX, chart from Tradingview
