Accéder au contenu principal

Over 200,000 Ethereum Tokens Sent To Centralized Exchanges – A Threat To ETH Price?

Following a relatively quiet start to the week, Ethereum’s price seems to have returned to some of its early December promises. However, the latest on-chain revelation shows that the “king of altcoins” might be facing some uncertainty over the coming the coming weeks.

A massive amount of ETH has made its way to centralized exchanges over the past few days, resulting in a spike in the Ethereum balances of these platforms.

200,000 ETH Sent To Exchanges In Four Days – What’s Next?

In a post on the X platform, a crypto pundit revealed that investors have been moving massive amounts of Ethereum to centralized exchanges over the past few days. This on-chain revelation is based on the “Balance On Exchanges” metric from data analytics platform Glassnode.

According to the data from Glassnode, around 200,000 ETH (worth more than $460 million) have been transferred to known cryptocurrency exchange wallets in the past four days. When most cryptocurrencies are sent to centralized exchanges, it typically suggests that some investors might be looking to offload their assets.

Total balance of Ethereum on all crypto exchanges | Source: Ali_charts/X

Exchange inflows can be an indication of sell-offs, as investors often use these centralized exchanges for the purpose of selling assets. Consequently, the transfer of massive crypto amounts to these platforms could trigger downward pressure on the price of a crypto (Ethereum, in this case).

Moreover, the crypto pundit noted in their post on X that a substantial spike in exchange inflows could indicate upcoming price volatility for ETH. This implies that there is an increased likelihood of big price swings in the near future.

Ethereum Price Overview 

However, it is worth noting that there has not been any clear impact on Ethereum’s price so far. As of this writing, the cryptocurrency is valued at $2,287, reflecting a mere 1.4% price growth in the past 24 hours.

On the weekly timeframe, the price of ETH has also been quiet, with barely a percent increase in the past seven days. This emphasizes the altcoin’s struggles to hold above $2,300 despite making it above the price mark on Friday, December 22.

Nevertheless, Ethereum maintains its position as the second-largest cryptocurrency in the sector, with a market capitalization of more than $274 billion.

Ethereum

Ethereum price faces rejection at $2,300 on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image from Bernard Marr, chart from TradingView




Source link

The post Over 200,000 Ethereum Tokens Sent To Centralized Exchanges – A Threat To ETH Price? appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Hong Kong SFC Raises Alert Over MEXC Imposter

The Hong Kong Securities and Futures Commission (SFC) has issued an alert on a suspected fraudulent platform impersonating the presence and operations of a popular cryptocurrency exchange MEXC. This development comes from a joint operation between the Hong Kong regulator and the local police force aimed at uncovering illicit activities of virtual asset trading platforms (VATPs). SFC Warns Hong Kong Citizens Of Fraudulent Trading Platform According to an announcement on February 9, the SFC is warning crypto enthusiasts and investors of an ambiguous trading platform that operates under the name “MEXC.” In a joint investigation with the Hong Kong police, the securities market regulator discovered that “MEXC” has lured several investors into becoming members of group chats in which it claimed to offer “free investment advice.” Through this medium, “MEXC” was able to direct unsuspecting investors into depositing funds through fraudulent websites in order to purchase cryptocurrencies. Th...
Enregistrer un commentaire
Lire la suite

What’s In Store For Bitcoin With 85% Of Holders In Profit

Amidst a renewed wave of optimism sweeping through the broader cryptocurrency landscape, the resurgence of Bitcoin (BTC) to the pivotal $37,500 price threshold has become a catalyst for positive shifts. At present, a staggering 85% of Bitcoin holders find themselves in a profitable position, a testament to the resilience and potential of the leading cryptocurrency. Encouragingly, key indicators hint at the likelihood of this percentage expanding in tandem with Bitcoin’s upward trajectory. Making Money With Bitcoin As the market plummeted from its all-time high in November 2021, the amount of Bitcoin supply in profit has reportedly hit levels last observed two years ago, according to Glassnode. The analytics service also stated that the amount of unrealized profit contained in these currencies is still very small. Based on the latest figures from blockchain analytics website IntoTheBlock, some 85% of Bitcoin holders are profitable at the current price of the first cryptocurrency,...
Enregistrer un commentaire
Lire la suite

Instagram Is Experimenting With an Option To Add Files to DMs

What if you could send files in your IG DMs? That may soon be an option, with app researcher Alessandro Paluzzi uncovering this process in the back-end data of the app. As you can see in this example, Instagram’s experimenting with a new option that would let you add files to your messages as attachments. Which is not overly surprising. You can already send documents within WhatsApp , and on Messenger (in limited capacity), and with Meta still working to integrate all of its messaging platforms into a single system , it makes sense that it would also need to replicate the functionality of each, to ensure full parity. So, basically, every function within Messenger, IG Direct and/or WhatsApp will eventually be available in each other app, as that will then enable Meta to link them all together into a singular messaging system. As such, I do think this is coming, and is more than just an experiment, which will provide expanded functionality within your IG DMs, and could be handy...
Enregistrer un commentaire
Lire la suite