Ethereum’s price,dropped drastically at record levels by more than 2.63% within 24 hours, due to a huge sell-off by the market whales.
Source:Coinmarketcap
As per on-chain analytics firm Lookonchain, six big whales traders sold a total of 44,000 Ethers (around $140 million value), pumping massive sell orders that further worsened the market volatility.
In the midst of a broad market decline in the cryptocurrency market, Ethereum’s price fell and it is currently trading at a price of $ 3,20788.The dumping impacted the Ethereum network and led to a liquidation of about $25 million worth of assets in the ecosystem of the cryptocurrency. Therefore, this becomes a new indicator of the market activity fluctuations and volatility.
This event highlights another manner in which whales can impact the cryptocurrency market. With the size of their assets and the coordinated way they guide the market, they can easily determine the market sentiment and it can happen that many investors follow them panicking.
The latest price drop has become a reason for worries once again and has reanimated fears about the future of Ethereum in the long run, thus leaving watchers uneasy.
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