• 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

a year 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

Long-term XRP Investors Withdraw Significant Amounts

chest

Long-term XRP investors have recently withdrawn 825 million tokens, marking a significant dip in their holdings.

user avatarGustavo Mendoza

Hackers Embed Crypto Wallet-Stealing Malware in Popular AI Tool

chest

Hackers have embedded crypto wallet-stealing malware in a popular AI tool, allowing it to execute silently and target users' wallet credentials.

user avatarRajesh Kumar

UK Government Implements Ban on Cryptocurrency Donations to Political Parties

chest

The UK government has announced a complete and immediate ban on cryptocurrency donations to political parties, citing concerns over election transparency and national security.

user avatarLuis Flores

Meme Coin 'KitKat' Experiences Trading Surge After Theft

chest

Meme coin 'KitKat' experiences a trading surge after the bizarre theft of over 413,000 KitKat bars, with a price increase of approximately 203% in one hour and over 2,300% in six hours.

user avatarArif Mukhtar

Truck Loaded with 413,000 KitKat Bars Disappears

chest

A truck loaded with more than 413,000 KitKat bars vanished on its way from Italy to Poland, raising alarms about cargo theft.

user avatarMaria Gutierrez

Ethereum Price Faces Potential Drop to $1,200

chest

Analyst Leshkaeth warns that Ethereum's Ether (ETH) could decline towards the $1,200 region if key support at $1,990 is breached.

user avatarDavid Robinson

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.