- Highest transfer of the day accounts to transfer of 5,664 ETH worth $18,266,585.
- ETH continues to suffer, plunging down nearly 6% amidst a market crash.
The largest transfer for the day accounts to the transfer of 5,664 Ethereum (ETH). This approximates to about $18,266,585. The transfer was from a KuCoin wallet to an anonymous wallet account. However, the transfer does remain a mystery though.
The probable possibilities according to analysts and skeptics is that this may indeed be the result of the current market crash. The crypto market completely crashed down in the early hours of january 6, 2022. Rather a great start for a new year of high hopes though!
The Pathetic State
As a result of the market crash, the ETH plunged down about 13.5%, and the price for ETH went down touching a low of $3,162 on January 7, 2022. However, this crashing down of ETH started from the late hours of January 5, 2022 to be more precise.
Even though the market crashed down completely, the ETH was the worst affected, more than the Bitcoin (BTC) vividly. BTC suffered a drowning of about only 9% which is indeed less than that of ETH. Currently the price of BTC stands at $41,683 at graphs down of 2.86% for the past 24 hours.
True to the fact that the entire market crash since yesterday is actually the result of the announcements and decisions of the Federal Open Market Committee (FOMC). The talks to hike up the interest rates have triggered a whole lot upon the crypto industry.
In spite of this many investors came out selling off their holdings, including longtime holders, in a bid to save themselves from losses any further. This ought to be the major reason for the current drownings.