Vitalik Buterin, one of the co-founders of Ethereum ETH/USD, on Monday, transferred over $1 million worth of ETH to the popular cryptocurrency exchange Coinbase Global Inc COIN.
What Happened: Data from Ethereum blockchain explorer Etherscan shows that Buterin sent 600 ETH to Coinbase.
The transfer comes at a time when Ethereum, the second-largest cryptocurrency by market value, experienced a sharp decline of over 11% in the past week.
This downturn resulted in traders facing substantial losses, with approximately $1 billion in liquidations.
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Why It Matters: Traders had initially bet on Ethereum as they expected interest rates to remain elevated for a longer duration.
However, concerns over weakening foreign currencies, uncertainty surrounding the Chinese economy, and soaring bond yields have amplified the situation.
As a consequence, major cryptocurrencies like Bitcoin BTC/USD and Ethereum faced significant double-digit losses, plunging to their lowest levels since the beginning of the summer.
While ETH made a slight recovery on Monday from the steep drop, it remains unclear why Buterin chose to make this transfer.
Price Action: At the time of writing, ETH was trading at $0.000008317, down 1.19% in the last 24 hours, according to Benzinga Pro.
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