• 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

Solana's Quantum Readiness Strategy Under Scrutiny

chest

Solana's quantum readiness strategy is under scrutiny following Anatoly Yakovenko's comments on the need for a multi-scheme approach to enhance security against AI threats.

user avatarLeo van der Veen

South Korean Exchanges Win Temporary Relief from Regulatory Sanctions

chest

Three major South Korean crypto exchanges, Upbit, Bithumb, and Coinone, have secured temporary court relief from sanctions related to existing anti-money laundering requirements.

user avatarLi Weicheng

Anatoly Yakovenko Raises Concerns Over AI's Impact on Post-Quantum Cryptography

chest

Solana cofounder Anatoly Yakovenko warns that AI could expose vulnerabilities in post-quantum signature schemes, emphasizing the need for a robust security design.

user avatarMaya Lundqvist

DAXA Challenges New Anti-Money Laundering Regulations in South Korea

chest

DAXA opposes proposed changes to South Korea's anti-money laundering regulations, citing concerns over excessive reporting requirements.

user avatarAisha Farooq

MoneyGram's Stablecoin Service Expands to Colombia and El Salvador

chest

MoneyGram has launched its stablecoin service in Colombia and expanded to El Salvador, providing financial solutions for underserved markets in Latin America.

user avatarTenzin Dorje

Stellar Network Surpasses 1 Billion in Real-World Assets

chest

The Stellar network has crossed the 1 billion mark in real-world assets, indicating significant growth and momentum.

user avatarBayarjavkhlan Ganbaatar

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.