Although the entire cryptocurrency market is suffering from bearish momentum, the alarming trend of several cryptocurrencies among them is alarming.. Ethereum, the most notable of these cryptocurrencies, lost nearly 20% of its value during the day.. It’s not surprising that Ethereum is falling too, given the steep drop in Bitcoin, but when compared to Bitcoin, the pullback in Ethereum is at least twice that, which is surprising.
What’s going on with Ethereum?
2017 was a golden age for Ethereum, as for many other cryptocurrencies.. One Ether was worth almost $1400 a few months ago. The past week has been bad for the cryptocurrency market.. This resulted in the Ethereum price dropping from $725 to $466.. However, there is an important factor that causes the Ethereum price to decline so much.
EOS has sold tens of thousands of Ether
The largest market built on the Ethereum platform in terms of market volume EOS, the digital currency, removed a total of 417 thousand Ether from its wallet and moved it to another address. 163 thousand of these Ethers with a total value of approximately $ 80 million entered a wallet on Bitfinex and were sold. The sharp decline in Ethereum is thought to be due to this.
At the moment the news goes live, one Ether is trading at $470.