Genesis Moves Billions in Bitcoin and Ethereum, But Why? Crypto Prices Dip

2024-8-3 18:15

The crypto market is again not performing well today. Just in the last hour or so, Bitcoin and Ethereum prices are down by around 2%. The two biggest cryptocurrencies are now trading below $64k and $3.1k respectively.

Blockchain analytics firm Arkham Intelligence has reported a huge movement of cryptocurrencies linked to Genesis Trading. According to their findings:

A total of $1.5 billion worth of Bitcoin and Ethereum has been moved. This includes 16,600 BTC, valued at approximately $1.1 billion. Additionally, 166,300 ETH, worth about $521.1 million, was transferred. These movements occurred within a single hour.

The transfers are believed to be part of Genesis’s efforts to repay its creditors, likely related to ongoing bankruptcy proceedings.

BREAKING: GENESIS MOVING $1.5B BTC + ETH FOR CREDITOR REPAYMENTS

Wallets linked with Genesis Trading have moved 16.6K BTC ($1.1B) and 166.3K ETH ($521.1M) in the past hour – likely for in-kind repayments to creditors.

BTC: bc1qmetf6pu6ghr6fv92209sw5x9t5999562t8wmux
ETH:… pic.twitter.com/5Jtxqx8mxT

— Arkham (@ArkhamIntel) August 2, 2024

The specific wallet addresses involved in these transactions are:

Ethereum: 0xC62cBa8e7080e376345F72D5b8ed414D8e0546C4 Bitcoin: bc1qmetf6pu6ghr6fv92209sw5x9t5999562t8wmux

Such large transfers can often create short-term volatility in the market as traders react to the potential for these funds to be sold on exchanges.

It’s worth noting that Ethereum ETFs went live and began trading last month. However, contrary to some expectations, market prices didn’t react particularly well to this news. This muted response, combined with the recent price dips, suggests that the crypto market is currently facing some headwinds despite positive developments in the institutional investment space.

Read also: YouTuber Predicts Cardano (ADA) Could Hit $2 in 2024 Despite Extended Consolidation

Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?
Get all our future calls by joining our FREE Telegram group.

We recommend eToro 74% of retail CFD accounts lose money. Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.

The post Genesis Moves Billions in Bitcoin and Ethereum, But Why? Crypto Prices Dip appeared first on CaptainAltcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 2544.25 (+0.48%)
Объем 24H $17.062b
Изменеия 24h: -0.23 %, 7d: 5.02 %
Cегодня L: $2532.06 - H: $2576.01
Капитализация $306.193b Rank 2
Цена в час новости $ 2986.93 (-14.82%)

ethereum crypto prices bitcoin down 64k around

Источник: captainaltcoin.com

ethereum crypto → Результатов: 126


Crypto Staking Vs. Crypto Mining: Ethereum Crypto Investors Turn to BlockDAG’s Home Mining for 30,000x Potential ROI

As cryptocurrency markets continue to captivate investors, Ethereum’s persistent volatility makes headlines with its recent price swings from $2,273 to $2,383. This instability, however, has not dampened the bullish forecasts for Ethereum, especially as it transitions to a proof-of-stake model with Ethereum 2.

2024-4-26 16:57


Фото:

Ethereum Reaches a “Vital” Point as Bulls Fail to Flip Resistance to Support

Ethereum and the entire crypto market has faced some weakness throughout the past couple of days Although both BTC and ETH are trading well above their recent lows, it is important to note that bears are in the process of reversing yesterday evening’s gains This downtrend could prove to be bearish for ETH, as the crypto has been unable to flip a key resistance level into support This comes as it ventures into what one […]

2021-1-13 01:00


Ethereum's Vitalik Buterin calls for adoption of social recovery wallets to fight crypto theft

Ethereum's Vitalik Buterin revealed his thoughts on solving the problem of crypto-wallet security. Undoubtedly, the crypto economy is in need of better security for wallets. Many exchanges now keep a The post Ethereum's Vitalik Buterin calls for adoption of social recovery wallets to fight crypto theft appeared first on AMBCrypto.

2021-1-12 02:30


Фото:

Ethereum’s Fundamental Strength is Growing as Key Metric Points to Upside

Ethereum and the entire crypto market are currently consolidating following yesterday’s breakout rally This rally came about following Bitcoin move to its $19,400 resistance, which is a level that it has yet to surmount decisively Until BTC can break above this level, the rest of the crypto market will likely struggle to gain any immense momentum One analytics firm is now noting that Ethereum’s mid-term trend may be boosted by growing underlying strength They note […]

2020-12-15 23:00


Фото:

Data Shows Interest in Ethereum is Crashing; Here’s Why This is Bullish

Bitcoin has been causing the entire crypto market to see some uncertainty, which has had grave impacts on Ethereum and many other altcoins Ethereum is now consolidating alongside the benchmark crypto as it trades within the $350 region Where it trends next will likely depend on whether Bitcoin breaks out, or breaks down, from its range between $10,600 and $10,800 One analytics platform is noting that data shows Ethereum’s social volume is crashing at the […]

2020-10-1 23:00


Фото:

Ethereum’s Macro Price Structure is Flashing Warning Signs; Things to Consider

The bear-favoring volatility seen by the aggregated crypto market yesterday has once again caused Ethereum to decline beneath the $200 price level The cryptocurrency is now flashing signs of growing weakness as multiple moving averages begin invalidating all of ETH’s macro bullishness One analyst believes that this present technical weakness could lead ETH to move back towards its yearly open Ethereum saw a sharp decline yesterday alongside Bitcoin and the aggregated crypto market. After tapping […]

2020-5-16 23:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Solana Unveils ‘Seeker’: Next-Gen Web3 Mobile Device, SOL Price Surges

Solana recently announced its new initiative, Solana Mobile, unveiling the Solana Seeker—a mobile device designed specifically for the web3 experience. The Seeker aims to blend hardware and software seamlessly, offering a lighter and brighter design, improved camera capabilities, and extended battery life, all at a more affordable price point.