Ethereum Sees Biggest Exchange Withdrawals This Year – A Bump In ETH Price In The Offing?
March 19 2022 - 4:28AM
NEWSBTC
Over 180,000 Ethereum (ETH) tokens have been pulled out from
centralized exchanges in the last 24 hours, as traders seek to
preserve their cryptocurrency in expectation of bullish price
action. According to a March 18 tweet from crypto market analysis
site IntoTheBlock, more than $500 million worth of Ethereum
was withdrawn on March 16 across a number of different CEXs
(including Binance, Kraken, and Crypto.com). Given that the price
of one ETH was $2,590.40 on the date of the analysis, the value of
the tokens withdrawn was more than half a billion dollars, the
highest withdrawal of the year. Ethereum Outflows A Bullish Sign
According to the company, this figure reflects the greatest
aggregated exchange withdrawal of ETH since October of this year.
At the time, total ETH withdrawals coincided with a 16% increase in
the cryptocurrency’s price during a ten-day period. Ethereum is the
second-largest cryptocurrency in terms of market capitalization,
behind Bitcoin. Related Article | Apple Co-Founder Steve
Wozniak ‘Feels’ Bitcoin Will Be Worth $100,000 It is a
decentralized computing platform capable of running a broad
range of applications, including a plethora of decentralized
finance (or DeFi) apps and services. On the Ethereum blockchain,
everything from financial tools and games to complicated databases
is already functioning. And its future possibilities are only
constrained by developers’ ideas. As the Ethereum Foundation, a
non-profit organization, puts it: “Ethereum is more than just a
payment system. It’s a marketplace for financial services, games,
and applications that cannot steal your data or censor you.”
Ether investors are having a difficult time in 2022, with ETH down
25% year to date as of March 17. Nonetheless, the cryptocurrency
has recovered many times in the last couple of months near $2,500,
indicating a strong support level. Since then, ETH has risen to
$2,934 as of March 19. ETH total market cap at $351.68 billion on
the daily chart | Source: TradingView.com Blockchain To Proof Of
Work Tim Beiko, developer of the Kiln testnet — formerly Ethereum
2.0 — reported on March 15 that the Ethereum “Merge” had been
successfully completed. The procedure entails separating Ethereum’s
Execution Layer from the existing proof-of-work layer and combining
it with the Beacon Chain’s Consensus Layer. The ultimate objective
is to convert the blockchain to a proof-of-stake network.
Meanwhile, ETH has increased by 18% over the last week, making it
the only top-10 cryptocurrency by market cap to
notch double-digit percentage gains, aside from Avalanche
(AVAX). Ethereum Market Cap Swells The announcement of Ether’s
largest outflow came just one day after Finbold reported on
Ethereum’s market capitalization increasing by more than $20
billion in a week. As of Saturday, the market cap of the second
biggest crypto was $350.65 billion, CoinMarketCap data show.
Related Article | Ripple Welcomes More Than 4,000 Artists Into Its
New NFT Platform Featured image from nippon.com, chart from
TradingView.com
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