The price of Ethereum is down 8% overnight… Find out why!
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Answer The price of Ethereum is down 8% overnight… Find out why!
The price of the world’s second largest cryptocurrency came under strong selling pressure on Sunday evening.
As of press time, Ethereum (ETH) is trading down 7.13% at $1,131 and has a market cap of $138 billion.
On Sunday, November 20, reports emerged that an FTX hacker who stole $600 million from the exchange is converting his Ethereum stash into Bitcoin.
Last week, the same hacker transferred all stablecoins to Ethereum which amounted to $288 million worth of Ethereum.
Citing data from “Etherscan”, Tell Crypto journalist Colin Wu:
The hacker’s FTX address (0x59… d32b) is converting a large amount of Ethereum into Bitcoin.
Read:A cryptocurrency investor paid $5,000 for one Ethereum coin
Today, about 30,000 Ethereum has been exchanged to RenBTC, and 1070 Bitcoins have been transferred to the Bitcoin network.
Officials and crypto teams are still assessing the wreckage from FTX’s bankruptcy.
Crypto firm FTX owes a staggering $3.1 billion to some major creditors.
Besides, there are growing fears that more cryptocurrencies could collapse amid the recent crisis.
Last week, reports emerged that cryptocurrency lending firm BlockFi is preparing for possible bankruptcy.
Speaking to Bloomberg TV, Christian Catalini, founder of the MIT Cryptoeconomics Lab, told Bloomberg TV:
The FTX woes are an urgent reminder of the need for regulatory clarity and a genuine regulatory framework for cryptocurrencies.
The hype and speculation around coinage has caused a huge distraction from building actual products and services that reach consumers and solve actual problems.
Ethereum underperforms Bitcoin:
Today’s Ethereum price correction is also the result of a broader market correction.
The overall cryptocurrency market is down 4.4%, dropping below $800 billion.
While the price of Ethereum dropped almost 8%, Bitcoin also corrected over 3% and slid below $16,000.
Read:Learn about the new subscription of the “LAZIO” coin on the Binance IPO platform
Over the past two weeks, Ethereum has underperformed Bitcoin.
Many analysts believe that the recent sell-off in the market could push the price of Ethereum below $1,000.
Together with Ethereum, all of the top ten cryptocurrencies have corrected by between 5-10%.
Read also:
Revealing the destination of $500 million withdrawn from the FTX platform… Get to know it
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