Ethereum, the world’s second-largest digital currency, has recently witnessed a wave of activity, with its price, user engagement, and overall sentiment experiencing a dip. Adding fuel to the fire, Vitalik Buterin, Ethereum’s brainchild, has been making some eyebrow-raising moves.
Vitlaik Buterin’s Big Moves
Vitalik Buterin has been notably transferring his Ethereum holdings to platforms like Coinbase. Such large-scale transfers often suggest preparations for potential sales. Data from Lookonchain points out that Buterin moved about 400 ETH, worth roughly $632,000, to Coinbase. While these activities might seem routine, they often set the market abuzz with speculation.
What Analysts Are Saying
Crypto enthusiasts and experts have been closely monitoring these transfers. CryptoQuant, a leading on-chain analysis tool, hinted at the possibility of Ethereum facing a short squeeze. To make things more tangible, traders are now facing what is termed as ‘negative funding rates’ in the futures market.
In simpler terms, this suggests that many are expecting Ethereum’s price to drop further. However, this overwhelming negative sentiment might backfire. If too many traders hold this view, it could lead to a sudden and sharp price increase.
Ethereum Price Analysis
Ethereum’s price is $1,574 when writing this article, marking a 1.14% decrease over the last day. It’s been a rollercoaster for Ethereum’s price recently. It struggles to climb past $1,500 but finds some solace around the $1,425 mark.
If Ethereum manages to push past $1,600, it might hit another wall at $1,650, and then the $1,660 mark might be another tough spot. On the flip side, if prices dive below $1,500, we might see it slide down to the $1,400 zone.
Those relying on charts and indicators to make predictions lean towards a bearish view. Key signals, like the 50-day EMA, RSI, and MACD, all point toward a possible downturn. For those with skin in the game, the $1,500 price level is crucial. If Ethereum breaks below this, it might be a sign for many to consider their selling options.
San Francisco’s blockchain powerhouse Ripple Labs has made headlines with an eye-catching series of high-volume XRP transfers. The latest data indicates that Ripple moved 105 million XRP tokens, equivalent to roughly $52.8 million in fiat, through two major transactions. Let’s delve into the intricacies of these transfers and what they might mean for Ripple and the larger crypto ecosystem.
According to Whale Alert, the first transaction saw 75 million XRP transferred to an “unknown” wallet. The second transaction involved a sum of 30 million XRP being moved to Bitstamp, a popular crypto exchange.
Both transactions were later confirmed to be initiated by Ripple Labs. Bithomp, an analytics platform focusing on XRP, detailed that the second transfer was also associated with a wallet linked to Ripple.
Digging Deeper into Redistribution
The 75 million XRP was initially transferred to one of Ripple’s own wallets. Subsequently, 46 million XRP were moved to another anonymous wallet. This pattern could suggest an Over-The-Counter (OTC) trade, a commonly used mechanism for large-volume transactions to minimize slippage or a strategic redistribution of assets by Ripple.
The Mysterious 100 Million XRP Inflow
Adding a layer of complexity to this narrative, over the weekend, Ripple received a staggering 100 million XRP from an unknown source. This source was later revealed to be the Canadian SideShift crypto exchange. The motivations for this inflow are still unclear, yet it mirrors past instances when major exchanges like Binance transferred substantial amounts to Ripple. Neither party has commented on these transfers, deepening the intrigue.
Impact on XRP Prices
Since the news broke, XRP has witnessed a positive price movement. After an initial drop, the cryptocurrency rebounded, resulting in a net gain of 3.96% since Monday. As of this writing, XRP is trading at $0.50896 on Bitstamp.
Ripple’s 105 million XRP transactions have created a buzz that’s impossible to ignore. While the reasons behind these transfers and their impact on the crypto market remain to be fully understood, what’s clear is that Ripple continues to be a dominant force in the blockchain landscape, keeping investors and analysts on their toes.
Ripple Labs, led by CEO Brad Garlinghouse, has transferred totaling 132 million XRP in the past 24 hours. Notable crypto transaction monitor, Whale Alert, spotlighted these moves, igniting a frenzy of speculation within industry chat rooms. While the larger transfer, involving 100 million XRP, appears to circulate within Ripple’s wallets, a substantial sum of 32 million XRP found its way to the Bitstamp exchange.
The Tale of the 132 Million XRP Transfers
The crypto watchdog, Whale Alert, blew the whistle on two colossal XRP transactions that had community chat rooms humming with theories faster than you can say “blockchain.” Ripple Labs initiated a mammoth 100 million XRP transfer to an anonymous address, only for the XRP to make a U-turn back into another of Ripple’s own wallets. To add to the saga, 32 million XRP were sent directly to the Bitstamp exchange.
The community, predictably, has its eyebrows raised and asked questions. One comment struck a particularly resonant chord, asking, “Do I smell settlement?” only to receive a counter-reply, “No, you smell sell-off.” For those keeping track, XRP’s price slipped to $0.4732 after these moves, casting a slight pall over the crypto.
Institutional Play: A Gamble or Long-Term Strategy?
Meanwhile, CoinShares’ recent weekly report revealed a $0.7 million inflow into XRP-based products from institutional investors—echoing the inflow seen over the past month. Are the big guns looking past Ripple’s current courtroom battles, seeing a long-term golden goose? Or is this a risky gamble that could backfire?
Acquisition and Responsibility: The Fortress Trust Move
Adding another layer of complexity, Ripple announced its acquisition of blockchain startup Fortress Trust, even taking on the liability of a recent security incident impacting the latter’s customer base. While many in the industry applaud the acquisition as a sign of Ripple’s maturity, questions about its financing remain. Some community members ponder whether the firm leveraged its XRP holdings to underwrite the deal—a move that could signal a complex financial strategy or stoke further skepticism.
As Ripple and its flagship cryptocurrency, XRP, stand at a crossroads, one thing is clear: The decisions being made today will have a far-reaching impact on the crypto-landscape of tomorrow.
FTX cryptocurrency exchange has reportedly transferred over $10 million worth of tokens from the Solana blockchain to Ethereum using Wormhole, a bridge that enables the interoperability of different blockchains. The tokens transferred contain popular decentralized finance (DeFi) coins LINK, SUSHI, LUNA, and YFI. FTX’s cold wallet transfer marks a significant move towards the integration of different blockchain networks, ultimately making it easier and more seamless for users to move their digital assets between platforms.
The Bahamas Payment Platform has become the latest company to offer cryptocurrency as a remittance option. Western Union has expanded their services to the Bahamas to cater to the needs of migrants sending money back home. The platform allows users to transfer funds in Bitcoin, Ether, and other cryptocurrencies to provide faster, cheaper, and more secure transactions than traditional remittance methods. The move is another sign of the growing acceptance of cryptocurrency as a viable payment option in the developing world.
In a surprising moment, the U.S. government has made a significant move in the cryptocurrency market. A whopping 9800 Bitcoins, previously seized from the infamous Silk Road marketplace, have been transferred. This unexpected action has left many investors and market analysts speculating about the potential impact on Bitcoin’s price and left holders on the edge of a bearish downturn.
$300 Million Bitcoin On The Way
Approximately 9,800 bitcoins associated with the Silk Road are reportedly being transferred, as indicated by two unverified transactions. This represents the most substantial movement of funds connected to the defunct darknet marketplace in recent months.
A series of transactions involving bitcoins linked to Silk Road were pending confirmation on Wednesday morning. In total, 9,825 BTC (equivalent to $302.2 million) were lined up for dispatch from addresses associated with the Department of Justice (DOJ).
These addresses are routing the bitcoins to unutilized addresses. Given that the DOJ has previously reorganized its Silk Road holdings, it’s premature to conclude that an immediate sale is intended.
Nevertheless, in March, authorities transferred 9,800 BTC directly to the U.S.-based platform Coinbase at a rate of $21,800 per token, yielding $215 million.
Officials stated at that time that they planned to sell an extra 41,500 BTC (valued at $1.27 billion), which had been confiscated from Silk Road hacker James Zhong, in four separate lots.
Should You Hold Bitcoin?
The movement of such a large amount of Bitcoin, especially when linked to a high-profile case like Silk Road, can have a significant impact on the market. The potential sale of these Bitcoins could increase the supply in the market, which, if not matched by demand, could lead to a decrease in Bitcoin’s price.
Back in November 2022, the U.S. authorities took possession of more than 50,000 bitcoins from an individual named James Zhong. Zhong had confessed to executing a wire fraud scheme that involved hacking the same quantity of bitcoins from the infamous Silk Road platform in 2012.
The court documents associated with Zhong’s case, as well as those linked to Ross Ulbricht, the founder of Silk Road, provided insights into related Bitcoin wallet addresses. This information facilitated blockchain analysis companies in tracing these specific addresses.
For Bitcoin holders, the decision to sell should not be taken lightly. While selling now might avoid a potential dip, it could also mean missing out on future gains if the market recovers or continues its upward trend. As the Government will sell Bitcoins in batches, this will likely have no impact or much selling pressure on the Bitcoin price.
However, a fun fact is that the U.S. government seems to be selling Bitcoin on Coinbase, the very platform the SEC labels as an ‘unregistered securities exchange.’
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.
The post Celsius Transfers $781M st.eth During Lido Withdrawals Opening appeared first on Coinpedia Fintech News
Crypto lender Celsius reportedly transferred 428,015 st.ETH(staked Ether) to Lido’s Ethereum wallet after enabling withdrawals, with the possibility of $781 million being transferred for withdrawal. On-Chain data shows that Celsius tested a withdrawal of 0.1 st.ETH. Bitcoin Pioneer ‘Simon Dixon’ has suggested Celsius may stake without Lido and use it for loan collateral.
The popular crypto, Polygon, came under fresh attack from the bears as the price has experienced a massive sell-off since the early trading hours. While the traders appear to have switched to panic mode, the trend may get more impulsive, slashing the price harder below the major support levels. Moreover, now that the whales also appear to have become uncertain about the next price action, the MATIC price is believed to trigger a fresh bearish action in the coming days.
In an eye-catching development, massive whale transfers have been recorded in the past 24 hours. More surprisingly, huge amounts of MATIC have been transferred from Polygon staking and also from unknown wallets to Binance, raising speculation of a massive sell-off. As the rise in the exchange balance occurs only when the traders wish to sell or swap their crypto, a huge selling pressure appears to be fast approaching.
One of the popular analysts lists the huge transfers made in the past few hours. Nearly 60 million MATIC worth $60.8 million were transferred from an unknown wallet to Binance, and 80 million MATIC worth $78.2 million were transferred from Polygon Staking again to Binance. While the source of the wallet is still unknown, the withdrawal of staked MATIC may surely impact the price in the long run.
So What’s Next? How Low Will the MATIC Price Drop?
The MATIC price was trading within a massively expanding rising channel, which is largely considered bearish. Hence, a bearish pullback was largely imminent, but a rebound from the lower support was expected as the market was slowly turning bullish. However, the fresh breakdown that was triggered during the past weekend, dragged the price extremely low.
The MATIC price has now plunged below one of the major support levels of $1.05, attempting to prevent an excessive pullback. Meanwhile, the RSI has dropped below 40, indicating the strength of the bears, which may not be good for a healthy price rally. Therefore, a plunge to $0.95 may be expected but a rebound could also be pre-programmed as the ADX that represents the strength of the rally has displayed a bullish divergence.
The crypto market has recently attracted the attention of cybercriminals who are using these digital assets for illicit activities. In recent years, there has been an increase in the use of DeFi markets to launder illegal crypto money, and North Korean hackers are among the culprits. The US Treasury Department has pointed fingers at the DeFi market, which they say is being used by North Korean hackers for illicit transfers.
DeFi Market Threatens National Security
A recent report from the United States Treasury Department examining decentralized finance revealed that individuals from the Democratic People’s Republic of Korea, along with other fraudulent actors, can take advantage of vulnerabilities to conduct money laundering operations.
The U.S. Treasury’s “Illicit Finance Risk Assessment of Decentralized Finance” report, published on April 6, stated that several illicit groups from North Korea have profited from the non-compliance of some DeFi platforms with specific anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. The report highlighted that inadequate AML/CFT measures and other weaknesses in DeFi services “facilitate the misappropriation of funds.”
Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, commented:
“Illicit actors, including criminals, scammers, and North Korean cyber actors, are using DeFi services in the process of laundering illicit funds. Capturing the potential benefits associated with DeFi services requires addressing these risks.”
Decentralized Exchanges Lack Of AML Controls
The report observed that certain projects had actively promoted the absence of AML/CFT measures as a primary objective of decentralization, pointing out that individuals could frequently bypass sanctions imposed by the U.S. and the United Nations. Nonetheless, the Treasury emphasized that the majority of money laundering, terrorist financing, and proliferation financing took place through fiat currency or beyond the realm of digital assets.
Authorities suggested enhancing regulatory oversight of AML/CFT for platforms providing DeFi services, offering guidance to DeFi platforms concerning AML/CFT, and addressing any existing regulatory deficiencies. US Treasury notes:
“DeFi services at present often do not implement AML/CFT controls or other processes to identify customers, allowing layering of proceeds to take place instantaneously and pseudonymously, using long strings of alphanumeric characters rather than names or other personally identifying information.”
The evaluation was conducted following the executive order on digital assets signed by President Joe Biden in March 2022. With the execution of this order, numerous U.S. government agencies have initiated inquiries into the potential effects of various facets of the digital asset domain on the nation’s financial system and established payment infrastructure.
After holding Lido DAO (LDO) tokens for nearly six months without selling, investment company Jump Trading has engaged in a series of LDO token transfers to the Binance cryptocurrency exchange. The Jump Trading LDO transfers have coincided with price dips due to an increase in sell pressure.
The ERC 20 token which grants holders governance rights in the Lido DAO, has attracted crypto investors’ attention as Ethereum staking grows exponentially. Already, 5,017,116.132 ETH has been staked via Lido infrastructure by 157,104 users. As such, the LDO token has attracted over 27,763 since its market launch.
Nonetheless, the Jump Trading subsequent sales could trigger fear on the LDO holders and lead to a significant price crash. Moreover, LDO holders could interpret the subsequent sales as a long term holder taking profits after a relief crypto rally.
According to aggregate market data provided by Coinglass, approximately $548k has been liquidated from the LDO market in the past 24 hours.
Lido DAO (LDO) Price Outlook
As a fresher altcoin with immense potential backed by real world utility, LDO token is significantly affected by whale trading. Following the recent Jump Trading sales, short term LDO traders will be keen on future sales to identify price action.
The LDO token has received massive support from both CEX and DEXes in terms of listing. Today, centralized crypto exchange Bitpanda announced the listing of Lido DAO (LDO) tokens.
However, with the upcoming Ethereum Shanghai upgrade, which will oversee the withdrawal of staked Ethers, the overall demand for LDO is expected to decline. As such, more LDO whales are expected to offload the token in the coming weeks which could induce further decline.
One of the top Ethereum (ETH) whales, Justin Sun, with approximately 223,780.577 Ethers in one wallet, has transferred 10k units to his backed crypto exchange, Poloniex. Sun, the Tron Foundation founder and the Permanent Representative of Grenada to the WTO, made the transfer to Poloniex as Ethereum retested $1,610.94 in the past 24 hours.
The last time Sun made a huge ETH transfer was 44 days ago, after sending 6,500 ethers to Poloniex. Coincidentally, Ethereum price dropped from $1,350 to about $1,151 in the subsequent days.
With Ethereum price forming a falling divergence in relation to the RDI daily indicator, market analysts speculate a looming crypto correction.
Nevertheless, the 10k ether transfer by Sun could be more of a routine derisking strategy as a long-term holder. Additionally, the crypto entrepreneur could be supporting Poloniex with liquidity amid heightened volatility across the board.
Sun Pushes Crypto Adoption Via Tron Network
The crypto billionaire has used his influence to push for crypto adoption at the state level. Recently, Sun announced that TRON is set to be made a legal tender in St Maarten after a member of parliament initiated a legal framework.
TRON coin, which trades around $0.061599 today, has a market capitalization of about $5,650,645,170 and 89,107,526 holders, according to data provided by token view.
Notably, the Tron foundation has partnered with several exchanges including Huobi to introduce crypto to the mainstream market.
Notably, Sun is a holder of more than 210 tokens, according to on-chain data, which include USDC and others with minimal liquidity on global crypto exchanges.
Distressed institutional crypto lending and trading protocol Genesis Trading has transferred digital assets from its wallets to exchanges after filing for bankruptcy protection. Notably, Genesis Global Capital, LLC and Genesis Asia Pacific Pte. Ltd., filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York on January 19.
However, the DCG subsidiary noted that it has filed with the court to continue with its daily operations normally despite suspending the lending business. Nonetheless, Genesis indicated that claims will be assured through the bankruptcy court process.
“Genesis has more than $150 million in cash on hand which will provide ample liquidity to support its ongoing business operations and facilitate the restructuring process. The company has filed a number of customary “first-day” motions with the court to enable day-to-day operations to continue in the normal course,” Genesis noted.
Earlier today, blockchain security firm PeckShieldAlert highlighted several transactions worth over $100 million believed to have originated from Genesis Trading towards several centralized cryptocurrency exchanges. Among the transferred digital assets include Ethereum (ETH), Tether USDT, and Circle’s USDC.
“About 75k $ETH ($113.7M) and3.9M $USDT transferred from Genesis Trading: OTC Desk to crypto-exchanges Coinbase, Bitstamp and Kraken approximately 36M $USDC transferred from Genesis Trading: OTC Desk to a new address 0x81b3…543,” PeckShield noted.
As such, the transferred digital assets from Genesis Trading to crypto exchanges are likely meant to support operations and facilitate restructuring processes.
Interestingly, the crypto market led by Bitcoin price has been less affected by the Genesis collapse. According to our latest crypto price oracles, Bitcoin is exchanging around $21k on Friday. Ethereum’s price, on the other hand, is trading around $1,555, up approximately 2.2 percent in the past 24 hours.
The lawsuit between Ripple Labs and the United States Securities and Exchange Commission (SEC) has garnered a significant amount of attention within the cryptocurrency industry. At the core of the complaint lies the question of whether the cryptocurrency XRP, created and sold by Ripple Labs, constitutes a security subject to the SEC’s regulatory jurisdiction.
As a result of the lawsuit, the price of XRP has become highly volatile. Recently, there has been one particular transaction that has caught the attention of many.
Recently, Ripple transferred 50 million XRP (worth approximately $17.4 million) during its ongoing effort to regain the $0.35 price point. On January 9th, 50 million XRP (worth $17.4 million) was transferred from Ripple’s wallet to an unidentified wallet. At this time, there is limited information available about the recipient wallet, but around 15 million XRP was routed through two additional addresses to a Bitso wallet within mere minutes of being received.
This was Ripple’s second large transaction within the last two days; on Sunday, it was reported that the technology company had sent 100 million XRP (worth approximately $34 million) to an unidentified wallet.
The recent Ripple transaction was followed by two more large movements of XRP. On January 9th, a large amount of 40 million XRP (worth $13.9 million) was deposited to Bitstamp as the first transaction. The second transaction took place ten minutes later and consisted of an internal transfer of funds worth 32.7 million XRP (worth $11.4 million) between two Bitso addresses.
Significance of the “Hinman Speech”
The United States Securities and Exchange Commission (SEC) has requested for certain materials, commonly referred to as the “Hinman Speech,” to be sealed in the ongoing lawsuit with Ripple Labs. These documents pertain to a speech given by William Hinman, a former director of the SEC’s Division of Corporation Finance, in June 2018 at the Yahoo Finance All Markets Summit, where he stated that the cryptocurrency Ether, the native token of the Ethereum blockchain, is not considered a security by the SEC.
Ripple Labs believes that these materials are crucial evidence in its case against the SEC and has argued that the documents are “judicial documents” and therefore should not be sealed.
Despite the ongoing legal proceedings, Ripple Labs has continued to make large transactions of XRP in an effort to regain its value at $0.35. However, the token has encountered a setback in this quest, with its price fluctuating between a high of $0.3576 and a low of $0.3437, and currently trading at $0.3488.
It is not clear what further developments may occur in the case between Ripple Labs and the SEC, but it is possible that the outcome of the lawsuit could have a significant impact on the future of the XRP token and the cryptocurrency industry as a whole.
With Bitcoin fluctuating between $16k and $18k, the cryptocurrency market has recently stayed quite stable despite uncertain macroeconomic conditions and the risk of FTX contagion. While the market is consolidating, whales are hoarding several currencies in anticipation of a positive surge as 2023 approaches.
However, an anonymous whale has transferred about 15,480 Bitcoin. According to a crypto analyst and Maartunn, over a period of three to four years, Bitcoins were dormant and the analyst also noted the movement of 4000 BTC, which had been dormant for about two or three years.
The ancient whale’s wallet was worth more than $1 billion when Bitcoin reached its all-time high. The whale’s investment portfolio lost a significant portion of its value as market conditions worsened. From a wallet that once had $1 billion, there was just $250 million left at the time of the transaction.
The whale initially acquired 15,000 BTC in 2019, but it wasn’t until recently that he moved them back to another wallet. The wallet’s activity, however, suggests that either a blockchain-based company that required urgent liquidity or a large retail investor who has been holding and accumulating Bitcoin on numerous wallets is the owner.
Furthermore, once altcoin dominance crossed 50%, the BTC movements coincided with Maartunn’s prediction of a new market meltdown. The conclusion of the 2021 bull run, the Ethereum Merge, and the 2018 ICO bubble all followed the same trajectory.
Maartunn also expressed concern about the potential for more capitulation as a result of the increase in costs for Bitcoin. He admits that the rising interest rates are not a bad omen. However, he points out that if the price moves in the opposite direction, these traders would have to close down their holdings.
The post Just in: CertiK Detects Suspicious Fund Transfers! What’s Happening? appeared first on Coinpedia Fintech News
Crypto-security firm, CertiK, announced on Wednesday that it has detected a suspicious fund transfer of $2.4 million into crypto mixer Tornado Cash. The fund transfer is related to the $139 million BXH Exchange hack when hackers stole nearly 4,000 ETH of $139 million in October 2021. Despite sanctions by the U.S. Treasury’s Office of Foreign Asset Control in August, it is arriving at the conclusion that the suspicious fund transfers are still continuing. It was noted that a Telegram group was created by the people under the influence of BXH Exchange, who disclosed the staking contract holding the assets and addresses.
The externally owned address (EOA) 0x158F5 exchanged bridged ERC-20 tokens for ETH. Thus, 1865 ETH tokens over $2.4 million worth have been deposited into Tornado Cash.