Pioneer altcoin Ethereum saw the largest token withdrawals this year from exchanges. According to the information reached by Kriptokoin.com, more than 180,000 Ethereum (ETH) tokens have been withdrawn from central exchanges in the past 24 hours as traders try to hedge their cryptocurrencies in anticipation of bullish price action.
Is the price up or down in the pioneering altcoin project?
According to a tweet from crypto market analysis site IntoTheBlock on March 18, more than $500 million in Ethereum was withdrawn from a number of different exchanges (including Binance, Kraken and Crypto.com) on March 16. Given that the price of one ETH at the time of analysis was $2,590.40, the value of the withdrawn tokens was more than half a billion dollars, the highest pullback of the year. According to the company, this figure reflects ETH’s largest mass stock market withdrawal since October of this year. At that time, total ETH withdrawals coincided with a 16% increase in the price of the cryptocurrency over a ten-day period.
Everything already works on the Ethereum blockchain, from financial instruments and games to complex databases. And its future possibilities are limited only by the ideas of the developers. As the not-for-profit Ethereum Foundation puts it: “Ethereum is more than just a payment system. It is a marketplace for financial services, games and apps that cannot steal your data or censor you.” Ether investors are having a tough time in 2022, and ETH is down 25% so far as of March 17. However, the cryptocurrency has rallied near $2,500 multiple times over the past few months, which marks a strong support level.
ETH saw double-digit gains
Kiln testnet developer Tim Beiko (formerly Ethereum 2.0) confirmed on March 15 that the Ethereum “Merge” transaction was successfully completed. reported. The procedure requires separating Ethereum’s Execution Layer from the existing proof-of-work layer and combining it with the Consensus Layer of the Beacon Chain. The ultimate goal is to turn the blockchain into a proof-of-stake network. Meanwhile, ETH is up 18% last week, making it the only top 10 cryptocurrencies other than Avalanche (AVAX) to have double-digit percentage gains by market cap.
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