Ethereum’s price dropped drastically at record levels by more than 2.63% within 24 hours, due to a huge sell-off by market whales.
According to the on-chain analytics firm Lookonchain, six whale traders sold a total of 44,000 Ethers (around $140 million), pumping massive sell orders that further worsened the market volatility.
In the midst of a broad market decline in the cryptocurrency market, Ethereum’s price fell, and it is currently trading at a price of $ 3,207.88. The dumping impacted the Ethereum network and led to a liquidation of about $25 million worth of assets in the ecosystem of the cryptocurrency. Therefore, this becomes a new indicator of the market activity fluctuations and volatility.
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