There was a recent turmoil in the Bitcoin and altcoin space. It caused consternation among those who follow the cryptocurrency space closely. Accordingly, it witnessed the redistribution of approximately 20.2 million ARB tokens worth $16.3 million. This whirlwind arose after a series of fake news falsely declared that the iShares Bitcoin Spot ETF had been approved by the US Securities and Exchange Commission (SEC).
Harsh movements in altcoin ARB
First, Offchain Labs reportedly deposited 20 million ARB tokens, equivalent to approximately $16.24 million, to the Coinbase wallet. This significant deposit occurred at a rate of $0.812 per token, approximately 19 hours before subsequent events unfolded.
🚨 Around 20.2M $ARB ($16.3M) was redistributed via #coinbase after Cointelegraph’s fake news that the SEC approved iShares Bitcoin Spot #ETF caused an uproar yesterday!
Firstly, @OffchainLabs allegedly deposited 20M $ARB ($16.24M) to #coinbase at $0.812 ~19hrs ago.
Shortly… pic.twitter.com/VS0k4EsVMD
— Spot On Chain (@spotonchain) October 17, 2023
Shortly thereafter, a group of four prominent crypto whales took action. He jointly withdrew 20.22 million ARB tokens from the same Coinbase address, worth approximately $16.34 million. Their actions occurred over a period of 18 and 17 hours, which coincided with a local bottom in ARB token prices.
Impact on ARB token price and market
Altcoin ARB token price exhibited interesting behavior during these extraordinary events. After Offchain Labs deposited a large amount of tokens to Coinbase, it witnessed a slight decline, reflecting the market’s initial reaction to the influx of tokens.
However, it is noteworthy that fresh whales collectively accumulate a significant amount of tokens. Accordingly, the price of altcoin ARB tokens experienced a significant revival. This revival was characterized by a time delay, suggesting a delayed response to the whale’s activity.
Token movement
A situation is actually emerging as the altcoin ARB token movement unfolds. Accordingly, the cryptocurrency market is particularly likely to react to the spread of false or misleading information. He also underlined its sensitivity to sudden and extreme fluctuations. This incident shows the importance of accurate journalism. It is also a stark reminder of the critical role of accurate information in maintaining market stability.
The situation created by this fake news incident is obvious. When we look at Kriptokoin.com, doubts arise about the durability of the market. It also raises questions about its capacity to absorb unexpected shocks. For traders and investors, these developments require caution when navigating the volatile altcoin landscape. It is also an important reminder to exercise due care. On the other hand, such incidents highlight the importance of an alert and well-informed community. However, it sometimes shows that price movements will occur for different reasons.
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