Dormant Ethereum Wallet Transfers 8,000 ETH
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An Ether wallet that remained inactive for 8 years has made a surprising move, transferring 8,000 ETH in just 2 minutes. The wallet had collected Ether during Ethereum’s ICO in 2015 and had stayed dormant until May 27. The owner sent 1 ETH to a new wallet, followed by a rapid transfer of 7,999 ETH to another wallet. The transactions caught the attention of Lookon Chain, a Blockchain Analytics Service, who alerted their 219k Twitter followers about the significant movement.
BTC Live News: Return of Dormant Bitcoin Whales Raises Concerns Among Traders
According to a recent on-chain study, Bitcoin whales that entered the market more than a decade ago have started to activate. With the BTC price up by more than 360,000% from its record, concerns of increased sell pressure from these whales could lead to panic selling. However, the entrance of fresh money from new institutional investors is seen as a positive factor that can help absorb any selling pressure in the future.
Potential Sell Pressure from Bitcoin Whales
The activation of veteran Bitcoin whales has caused some concern among crypto traders. However, Ivan on Tech, a renowned blockchain speaker and educator from Sweden, believes there is no need to worry in the long term perspective. It is possible that these coins are being held by a hacker and may forever remain locked with no way to sell on a Centralized Exchange (CEX).
Solana Ecosystem to Dominate In the Next Bull Market
Ivan on Tech also noted that the Solana ecosystem will be one of the best performers in the next bull market due to its economics. Compared to Ethereum or Polygon, Solana offers one of the cheapest options for developers to airdrop NFTs to a global community.
Related: Solana Price Prediction 2023, 2024, 2025, 2026 – 2030:
Implications of SEC vs Ripple for the Altcoin Market
The popular crypto content creator with over 495k YouTube subscribers, Ivan on Tech, emphasized the importance of closely watching the SEC vs Ripple case for the prosperity of the industry. The final ruling will have a significant impact on the altcoin market.
Ivan on Tech highlighted that ongoing crypto regulation in Europe, particularly the MiCA, will play a vital role in pushing forward the adoption of genuine blockchain projects.Return of Dormant Bitcoin Whales Raises Concerns Among Traders.
Dormant Bitcoin & Ethereum Whales Awaken Up- Will This Fuel the Ongoing Bearish Trend?
While the crypto markets are chopping around, the whales have now become active after remaining dormant for a pretty long time. Now that the Bitcoin price is facing acute bearish pressure, the whale movements may hinder the progress of the crypto markets to a large extent. In the most bearish cases, massive selling pressure may also be created within the space, which may trigger yet another bearish wave.
WhaleChart which tracks interesting and huge token movements in the markets revealed that a whale has woken up after remaining passive for over a decade now.
The whale appears to be from the Satoshi era holding 6.071 BTC worth more than $180 million at the moment which was just $3 million then. Besides, Ethereum whales also appear to follow the suit as nearly $300 million worth of ETH has been moved after remaining still for over 5 years.
As per the popular on-chain platform, Santiment, a pair of Ethereum addresses have moved 150K tokens worth $297 million after holding these coins for more than 5 years. These have aided in creating one of the largest dormant circulation spikes in the past year. The past dormant circulation was recorded a couple of months ago, which dragged the ETH price from $1750 to $1480 levels. However, the number of tokens moved had surpassed 500K by then.
Presently, 348K in ETH has been moved, which has dropped the price from $2141 to levels below $2000. If the current market conditions are slowly turning bearish, they carry the possibility of extending the descending trend for a while.
Will Rising Market Sentiments Revive the Dormant NFT Market?
During the last quarter, it was the NFTs that reignited the bull run, as the cryptos corrected heavily after reaching their respective highs. However, as the trading volume has fallen below half a billion since the start of the annual trade, the NFT space has diminished. From a peak of roughly $17 billion to just under $466 million in September, they declined. The number of sales that exceeded 117K has significantly decreased to just 7281.
It is now crucial to understand whether the NFTs will recapture mainstream interest in the days to come. Then perhaps now is the time
Flow(FLOW)
With market sentiments rising slightly, the FLOW price recorded a massive growth of more than 30% in the trading volume. However, after trading around $1.7 for nearly a week, the price dropped below $1.4 recently. Therefore, in the coming days, the price is expected to regain the lost resistance and further attempt to surpass the $1.8 level initially and later test $2.
Apecoin (APE)
Apecoin, being the second largest NFT after Flow, is striving to regain the $5 mark while the levels around $4.7 are hindering progress. Meanwhile, the volume has surged notably, which may hold the APE price above the crucial support. Hence, the price may rise beyond $5 during the upcoming weekend, which may pave the way to reach the immediate highs at around $6.
Tezos(XTZ)
Just before the previous day’s close, XTZ’s price pulled a massive leg up of more than 12%, challenging the bearish action. However, since then, the price has been consolidating within a very narrow range, which indicates the possibility of a notable upswing. As the price continues to trade within a bullish flag, a breakout may uplift the asset close to $1.5. Here, a slight push by the bulls may further enable the price to trade beyond the levels.
Decentraland (MANA)
The market cap of the token has been maintained above $1 billion despite tremendous bearish pressure. However, with the recent jump in the trading volume of more than 35%, the market is expected to surge, enabling the MANA price to test the upper resistance. The upswing, however, may not trigger a jump to $1.5 but may certainly rise the price close to $1.