• 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

Kalshi Introduces Combos Feature, Boosting Trading Volume

chest

Kalshi has launched a new feature called Combos, allowing users to combine multiple event outcomes into a single parlay-style contract, enhancing user engagement and processing over 100 million in volume during its first week.

user avatarAyman Ben Youssef

High Staking Participation Anchors Cardano's Network Security

chest

More than 60% of ADA's circulating supply remains actively staked, reinforcing network security.

user avatarSon Min-ho

USDe's Unique Mechanism and Regulatory Compliance Highlighted by Upbit Listing

chest

The recent listing of USDe on Upbit highlights its unique algorithmic mechanism for price stability and compliance with South Korea's regulatory standards.

user avatarTando Nkube

APEMARS Introduces High-Impact Staking System

chest

APEMARS introduces a high-impact staking system with a 63% APY designed for long-term holders.

user avatarKofi Adjeman

Buterin Calls for a Decentralized Renaissance

chest

Buterin calls for developers and users to engage in the matured decentralized applications as we approach 2026, highlighting the readiness of the Web3 infrastructure.

user avatarSatoshi Nakamura

Fileverse: A Model for Decentralized Applications

chest

Buterin highlights Fileverse as an exemplary model for decentralized applications, utilizing Ethereum and Gnosis Chain for identity and document registration, while ensuring user access even if the platform ceases to exist.

user avatarJesper Sørensen

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.