The downfall of Ethereum is believed to be because of the massive selling by projects that accepted ETH during their ICO. According to reports, Initial Coin Offerings have lost almost half of their investments due to the sharp decline in the price of Ethereum this year. While Ether was trading above $800 in the first half of the year, it crashed down to $200 and now even below $100 in the second half. The sudden crash of price has led to the Ethereum investors and projects that had an Initial Coin Offering against Ethereum to panic sell their holdings in order to protect themselves from further losses. Large Ethereum whales have been transferring their holdings onto exchanges in order to sell. Just a few hours ago, more than 80,000 ETH were transferred to Kraken Exchange in two transactions which may be the holdings of an Initial Coin Offering that is wanting to sell for avoiding losses as the price is expected to fall even further up to $60 according to market analysts. Here are the transaction details of the transfers:
Transaction 1: 34,999 ETH
https://etherscan.io/tx/0x07df20edc1731e0be8be451b1485bc0250e7d4256336b77fef93f3aa3ca3bed7
Transaction 2: 45,178 ETH
https://etherscan.io/tx/0xb392a258994bb11d58d90e72b32fc6d786bcf2da75203750cc083d598adee635
This article is not any financial advice. Readers are advised to do their own research and analysis before investing or trading in any digital assets or cryptocurrencies.
