Ethereum co-founder Vitalik Buterin transferred 600 ETH worth $1 million to Coinbase, triggering speculations on social media.
and ETH declined by more than 10% over the last week. At press time, BTC was trading at a little above $25,900 and ETH was trading at a little above $1,650.The transfer of ETH tokens by Vitalik Buterin or the Ethereum Foundation is usually followed by a fall in ETH’s price. While we are yet to know the reason behind the recent transfer, there is a possibility of Buterin committing to another massive selloff.
Analysts and market experts now predict that Ethereum will tumble dramatically if its value falls below the key support level of $1,550-$1,600. The total market cap of the crypto industry fell more than 10% over the last seven days. At press time, the total crypto market cap stood at $1.05 trillion. As far as Coinbase is concerned, it was facing regulatory scrutiny in the U.S. at the hands of the Securities and Exchange Commission . In early June, the regulatorthe exchange for allegedly violating securities law by acting as an unregistered broker-dealer.
Meanwhile, COIN’s value on Nasdaq fell nearly 9% over the last week. At press time, it was trading at $73.9.
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