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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Here’s Why Ethereum Is Not Out Of The Woods Yet

Best Owie
Best Owie
2 years ago
2 mins read
Ethereum Whales Accumulate Over $1 Billion Worth OF ETH Amid High Sell-off

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Ethereum has been seeing some significant downside coming out of the weekend. This was triggered by the FTX hacker, who currently holds hundreds of thousands of ETH, dumping some of those coins for Bitcoin over the weekend. After dumping around 10,000 ETH, the digital asset had dumped more than 7%, as a large number of investors continue tracking the wallet.

More Pain To Come For ETH

Looking at the impact of the FTX hacker selling ETH for BTC had on the market, and seeing the balances of the address, it is no secret that Ethereum is not completely out of the woods yet. There are a lot of eyes on the hacker’s wallet, which contains more than 180,000 ETH, coming out to over $200 million.

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Even now, the hacker continues to dump more ETH, putting more sell pressure on the cryptocurrency. On Monday, the hacker dumped another 15,000 ETH which was converted to BTC according to on-chain data. Given the pattern of selling, it looks like the hacker is trying to convert the stolen crypto to BTC, likely running it through a mixer later on.

Continuous selling on the part of the hacker who is now one of the largest ETH whales could cause further damage to Ethereum’s price. Over the last 24 hours, ETH’s price is already down more than 7%, making triple-digit price ranges an increasing possibility for ETH.

Ethereum price chart from TradingView.com

ETH falls to $1,100 | Source: ETHUSD on TradingView.com

Can Ethereum Hold Up?

Ethereum bulls continue to fight the selling pressure being created by the FTX hacker dumping coins but there is only so much they can do. During a crypto winter such as the one currently being experienced, prices of cryptocurrencies are already down, making them more susceptible to further declines.

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2 years ago

If the FTX hacker were to dump all 180,000 remaining tokens on the market, then there is not enough demand to soak it up at this time. The support at $1,000 is already weakened and would make for easy pickings for bears as well.

Alternatively, the hacker could stop selling coins to wait for a price recovery which would give the market some time to actually find its footing. But sentiment in the space is already dropping and investors have retreated into their shells once more as the Fear & Greed Index points toward extreme fear.

Featured image from MARCA, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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