Merge, the upgrade that the cryptocurrency market and leading altcoin Ethereum investors have been eagerly waiting for, is approaching. This causes traders and investors to take positions before raising this date. Before Merge, an anonymous whale transferred 260,000 Ethereum worth $434 million to Binance.
A whale dumps Binance from the token of the leading altcoin project
Crypto whale watching platform Whale Alert has tracked the movement of massive amounts of Ethereum (ETH) to the world’s largest crypto exchange Binance. According to Blockchain data in Whale Alert’s post, a whale deposited a total of 260,000 Ethereums on Binance by press time. At the time of the transaction, 260,000 ETH was worth approximately $434.18 million.
https://twitter.com/whale_alert/status/1567182144409042948
This transfer is not surprising at all!
It is not surprising to see massive amounts of ETH being deposited on Binance. As you follow on Kriptokoin.com, ultimately Ethereum will go through a significant upgrade. In this context, the Ethereum network will transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus. This is a historic event for the leading altcoin and cryptocurrency market. For some time, one of the most important catalysts on the market was Merge.
The Ethereum team predicts that Merge will occur around September 13-15, 2022. According to the experts, with the upgrade coming soon, it is possible that investors will choose to ‘sell the news’ as their trading strategy. Because, in the hours leading up to the upgrade, the Ethereum price is likely to fluctuate drastically.
Ethereum (ETH) price performance
The cryptocurrency market has not been able to straighten itself after the recent crash. Central banks, especially the USA, increased interest rates and tightened their monetary policies in order to control the rising inflation. This triggered serious sales to risk assets. When events such as Terra (LUNA) were added to these sales, the collapse of the crypto market deepened. Since then, the market has shown signs of recovery from time to time, but these have always remained unfinished.
Meanwhile, the leading crypto Bitcoin failed to maintain the psychological level of $20,000. Today, it fell 3.81% at press time to below $19,000. The leading altcoin Ethereum performs better than Bitcoin. ETH was trading at $1,576, down 0.56% on a daily basis, according to data from CoinMarketCap. On a weekly basis, it is still in the green zone with a rate of 2.61%. However, the leading altcoin stands 67.8% off its all-time high of around $4.9k in its current state. We will see very soon how Ethereum Merge will affect the market and ETH price.
Ethereum weekly price chart
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