Whale Selloff For These 2 Altcoins! Millions of Coins Wasted! – Cryptokoin.com

Altcoin whales are transferring millions of coins to exchange wallets ahead of a major spike scheduled for the end of March. Can big investors put selling pressure on these 2 high-volume altcoins? Let’s answer…

Altcoin whales prefer to sell ahead of upcoming rise

According to whale watching bots, the largest Ethereum (ETH) whales have sold millions of ETH after the developers set a date for the Shanghai upgrade, causing the price to drop by 5%. After today’s huge sell-off, Ethereum core developers set early April for the Shanghai upgrade, while whales were busy sending millions of ETH to exchanges.

During Ethereum’s ACDE meeting, Ethereum core developers and clients set the date for the Shanghai upgrade on the Goerli testnet to be March 14. Core developers also plan to release the Shanghai mainnet hard fork in early April. cryptocoin.com In this article, we have included what you need to know about promotion.

Meanwhile, on-chain data source Lookonchain revealed that the whale who transferred 15,400 ETH made a profit of $4 million in just 2 months. Whale purchased 8,599 ETH with 11.48 million USDC in December 2022 and received 7,150 ETH worth $9.01 million from Binance.

Concerns about the ETH price drop after the Shanghai upgrade have increased, while data shows low selling pressure after the upgrade. According to Etherscan data, more than 17 million ETH worth approximately $29 billion have been deposited in Ethereum’s Beacon Deposit Contract, representing around 14% of the total supply.

Ethereum falls on Silvergate news

Today, the drop in the share price of the US payment network Silvergate negatively affected the entire crypto market, especially Bitcoin and Ethereum. Ethereum faced a decline of around 5% and dropped from $1,642 to $1,553. Bitcoin is down 6%, losing nearly $1,000 in an hour.

Meanwhile, an interesting transaction spotted on Lookchain shows that a mysterious wallet has transferred large amounts of USDC to exchanges.

A mysterious altcoin whale drew attention with its transactions during the market drop

ETH saw a small increase of almost 2% before posting a big red candle on the hourly chart. At this point, an unknown wallet pulled 312 million USDC from Circle and moved them to various exchanges for eight hours as the price increase continued. A few interesting trades were made during the period when Ethereum was rising. First, Coinbase posted a tweet stating that it has stopped accepting or initiating payments with Silvergate.

An hour later, the associated anonymous whale began moving USDC from the Circle and sending it to exchanges.

40 minutes before the Lookonchain tweet went live, the whale again withdrew 10 million USDC from Circle and transferred it to crypto exchanges. Lookonchain emphasized that “according to the data on the chain, the behavior of this mysterious whale is very strange.”

Then, a total of $210 million worth of cryptocurrencies were liquidated during the four hours before the tweet. Lookonchain wonders if this liquidation has anything to do with the USDC movements of the whale in question, but does not provide any answers or even guesses.

Can the leading altcoin revisit $1,500?

Ethereum price has lost as much as 5% at one point during the day. It is trading at $1,568 today after the market-wide sell-off. The 24-hour floor and ceiling are $1,553 and $1,652, respectively. The increase in the trading volume in the last 24 hours shows the interest of the investors. ETH price is unlikely to drop below $1500, as the Fed remains under pressure from fears of a 50 basis point rate hike, according to analysts.

Additionally, Ethereum upgrades in March and April continue to keep the community and investors alive.

ConsenSys publishes guide for Shanghai upgrade of Ethereum

Private blockchain software technology company ConsenSys has released a new guide for ETH staking withdrawals, focusing on the impact of the Ethereum hardfork, Shanghai/Capella upgrade on the staking ecosystem and DeFi. On Tuesday, Ethereum developers successfully launched the Shanghai upgrade on the Sepolia testnet, with a focus on allowing validators to withdraw ETH upon completion of the update on the mainnet.

Following the update, ConsenSys wrote details about Ethereum’s new upgrade and staking withdrawals on its official Twitter account:

The platform specifically explained that the upgrade has several implications for “stakers, the Ethereum staking ecosystem, and DeFi.” However, ConsenSys explained that stakers will have access to funds that have been locked for years, stating:

Partial and full withdrawals will give long-term stakers access to funds that have been locked for more than two years. However, early stakers have shown their faith in Ethereum and may be more likely to stake this newly discovered liquidity rather than take profits.

Can withdrawals cause problems?

ConsenSys stated that withdrawals will “encourage increased participation of validators” and ensure the security of the Ethereum network. He also assured that the update is expected to reduce the “liquidity risks of staking ETH” and stated:

By reducing the liquidity risk of ETH staking, withdrawals can inspire confidence in liquid staking protocols and make ETH staking a more attractive opportunity in general, especially for typically risk-averse institutions.

Finally, the company added that stakers using third-party staking services will have the opportunity to re-evaluate the features of ETH staking; They can work based on factors such as “reward, maximization, validator performance, user simplicity”.

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