Bittime - The price of ETH (Ethereum) , the second largest crypto asset by market capitalization, experienced a rapid increase of 11% on Wednesday (21/03) to $3,500 [from source CoinDesk. This increase occurred despite reports that the United States Securities and Exchange Commission (SEC) was working to classify ETH as a security.
Classification as a security could have a significant impact on ETH's future. If classified as such, it could hinder plans to launch an ETH-based ETF (Exchange-Traded Fund) in the United States and subject Ethereum-related projects to stricter regulation.
In the midst of this regulatory uncertainty, the movement of crypto whales has attracted the attention of many parties. Crypto whales are investors who hold large amounts of ETH. According to Lookonchain, a blockchain analysis platform, on Wednesday, an address believed to belong to a crypto whale moved 12,000 ETH (worth $42.8 million) to Binance, a leading crypto trading platform.
This transaction sparked speculation that the crypto whale intended to sell his ETH. Moving crypto assets to wallets associated with exchanges such as Binance is often interpreted as preparation for selling or using those assets as margin in derivatives trading.
In addition, the buying action of put options (the right to sell an asset at a certain price in the future) on ETH on Deribit, a crypto options trading platform, was observed to be higher than buying the ETH option itself. This indicates that some market players are cautious about ETH's future prospects.
ETH Price Increases Amid Bad News
The increase in ETH prices that occurred last Wednesday is worth paying attention to. This increase occurred despite negative sentiment from news of plans to classify ETH as a security by the SEC. This shows that interest in ETH is still relatively strong.
Several factors may have contributed to the increase in ETH prices. One of them is the flow of capital into the crypto market as a whole. When investors have a positive view of the crypto market, ETH as one of the leading crypto assets also benefits.
Another factor that may have an influence is the development of the Ethereum ecosystem itself. Ethereum is a blockchain platform that supports various decentralized applications (dApps) and smart contracts. The rapid growth and adoption of dApps and smart contracts on the Ethereum network may increase demand for ETH.
Check Today's Crypto Market:
ETH Price Depends On Whether Ethereum Whales Sell?
According to Lookonchain, a blockchain analysis platform, about 18 hours ago, the address x50b42514389F25E1f471C8F03f6f5954df0204b0 was recorded moving 12,000 ETH (worth $42.8 million at the time) to Binance .
The movement of a crypto whale who moved 12,000 ETH to Binance is the main concern of market players. However, it is not yet certain whether the crypto whale intends to sell all of its ETH holdings.
There are several possibilities that could happen. First, the crypto whale may intend to take advantage of the increase in ETH prices. Once the price reaches a certain point, they can sell some of their ETH.
The second possibility is that the crypto whale only uses some of its ETH as margin in derivative trading. They may not intend to sell the ETH in the near future.
The third possibility is that the crypto whales are diversifying their crypto asset holdings. They might move ETH to Binance to exchange for other crypto assets.
ETH (Ethereum) Price Today
Source: Bittime.com
On March 22, 2024, the price of ETH (Ethereum) was at $3,474 per coin, down 1.95% in the last 24 hours.
Also Read How to Buy Crypto:
Conclusion
The price of ETH experienced a significant increase last Wednesday. However, this increase was overshadowed by the regulatory uncertainty that ETH is currently facing. The movement of crypto whales to move large amounts of ETH to Binance also sparked speculation about the potential for a massive sell-off.
Market players need to pay close attention to further developments. Is the crypto whale really going to sell his ETH or just make another trading maneuver? Additionally, how does the SEC respond to ETH and how does it impact the future of this crypto asset?
Check Crypto Prices Today:
How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH) on Bittime.
Monitor price chart movements for Ethereum (ETH), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Bitcoin (BTC) on Watch! Sharp Post-FOMC Rise and $151 Million Short Liquidation
DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.