Plus Token Ethereum Sell-Off Isn’t Coming
The transfer of Ethereum by the Plus Token wallets led to a major uproar on Satoshi Street on Wednesday. However, further investigation shows that the massive ETH transfer isn’t a matter of much concern about future liquidations.
Background Information
Yesterday’s report stated that the Plus Token wallets linked to China have moved large quantities of ETH after 3.3 years of dormancy. The crypto market turned a bit jittery expecting major liquidations for ETH moving ahead.
The Story Unfolds
As per the investigation by EmberCN, a total of 789,534 ETH moved to the Bidesk exchange from multiple wallets in the period between June and September 2021. However, as the exchange turned bankrupt by the end of the year, these Ethereum moved to the crypto exchange Huobi. Reportedly, 268,843 ETH were routed to Bidesk via four specific deposit addresses.
Eth Whale Dumping Continues
Despite the clarity behind the Plus Token wallet transfers, the Ethereum price has come under selling pressure recently as the dumping by the Ethereum whales has picked up once again as per the on-chain data.
A Giant Whale is Unloading
A giant whale has sent 5,000 ETH, valued at $11.6 million, to crypto exchange OKX a few hours before. Over the past month, the same whale has deposited a total of 38,501 ETH worth $129 million.
The History of the Whale
SpotonChain reported that these giant whale deposits are coming from a particular added “0x60e” which made a huge acquisition in the period between 2016 to 2018.
Conclusion
In conclusion, the Ethereum sell-off triggered by the Plus Token wallets appears to be a one-time event without any significant implications for the Ethereum price. The whale dumping may affect the market sentiment in the short-term but could also lead to increased price stabilizers in the long-run. Cryptocurrency enthusiasts should focus on staying informed about market trends and on-chain data to make informed investment decisions.
FAQs
**Q: What is Plus Token, and why did it transfer ETH to Bidesk exchange?**
A: Plus Token is a defunct cryptocurrency project that has been reported to be a scam. In June 2021, Plus Token wallets moved large quantities of Ethereum (ETH) to the Bidesk exchange from multiple wallets.
**Q: Was the Plus Token wallet transfer a market-moving event?**
A: Although the market was initially concerned about potential ETH liquidations, further investigation suggests that the massive ETH transfer was a one-time event and should not have a significant impact on the Ethereum price.
**Q: What is Ethereum Whale dumping, and why is it affecting the market?**
A: Ethereum Whales are large holders of ETH that are dumping their coins onto exchanges, affecting the market by influencing price movements. This has become a significant concern in the crypto community.
**Q: Is there anything to be concerned about in terms of the Ethereum price in light of these events?**
A: Cryptocurrency enthusiasts should remain vigilant and up-to-date on market trends and on-chain data to make informed investment decisions. While whale dumping may cause short-term volatility, it could also lead to increased price stabilizers in the long-run.
Related Stories
How to split Bitcoin Runes
How to Split Your Runes on Magic Eden We've left no stone unturned when it comes to the buzzing Runes...
12 Tips to Secure Your Hardware Wallet
Safeguarding Your Digital Assets: A Guide to Secure Your Multi-Cryptocurrency Hardware Wallet Just purchasing a hardware wallet is not a...
How to Make a Profit by Trading Cryptocurrency
Here is the rewritten HTML content: Welcome to Our Guide to Making Money with Cryptocurrency The crypto industry offers a...
A Comprehensive Guide to Crypto Regulations in Australia
Cryptocurrencies have taken the world by storm, gaining widespread acceptance and recognition. In Australia, cryptocurrencies are legal and recognized as...
