• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Chinese Authorities Sell Seized Ethereum: Impact on the Market

user avatar

by Giorgi Kostiuk

2 years ago

Chinese authorities transferred 7,000 ETH to exchanges. These tokens are part of the confiscated 542,000 ETH, which might influence the market.

Movements of Ethereum by Chinese Authorities

Chinese authorities have recently transferred 7,000 ETH to various exchanges. These tokens are part of a larger stash of 542,000 ETH, confiscated in 2018 from a cryptocurrency Ponzi scheme.

Current Market Position of Ethereum

At the time of reporting, Ethereum was trading at $2,401, following a nearly 2% price drop within 24 hours. This aligns with a general bearish sentiment in the wider cryptocurrency market, with the Fear and Greed Index hitting a seven-day low of 39.

Potential Supply Overhang Issue

According to on-chain researcher ErgoBTC, Ethereum could face an unexpected supply overhang due to the recent move of 7,000 ETH to exchanges. Such actions might increase selling pressure on Ethereum in the upcoming weeks.

The movements of confiscated Ethereum impact the market by creating price pressure and increasing trading volatility.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Cardano Price Shows Signs of Potential Rebound

chest

A popular analyst, Ali Martinez, has identified a support level for Cardano at 0.249, suggesting a potential price rally of up to 200%, but warns of risks if this level is breached.

user avatarMaria Gutierrez

Cardano Struggles Amidst Broader Cryptocurrency Market Gains

chest

Cardano's price performance remains muted despite a general rise in the cryptocurrency market, with only a 3% increase compared to major cryptocurrencies like Ethereum and XRP.

user avatarDavid Robinson

Ripple's Vision for Dominance in Global Payments

chest

Analyst Jake Claver outlines Ripple's strategy to dominate global payments and banking infrastructure by 2040.

user avatarAndrew Smith

OpenAI Unveils GPTRosalind, a New AI Model for Life Sciences

chest

OpenAI has launched GPTRosalind, a domain-specific AI model designed to enhance research in biology and drug discovery.

user avatarJacob Williams

Robert Dunlap Sentenced to 23 Years for Cryptocurrency Fraud

chest

Robert Dunlap has been sentenced to 276 months in federal prison for orchestrating a $20 million cryptocurrency fraud scheme involving the Meta 1 Coin.

user avatarAyman Ben Youssef

Dunlap's Lavish Lifestyle Funded by Fraudulent Scheme

chest

Dunlap funded a lavish lifestyle through a fraudulent scheme, spending $215,000 on a Ferrari and other luxury items while deceiving investors.

user avatarZainab Kamara

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.