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With the ongoing correction in the cryptocurrency market, some traders and investors have chosen to buy in the downturn to either cover their losses when the market recovers or to profit by buying at a lower price and selling at a higher price.
The tracking service tracked a $ 100 million Ethereum transfer, during which the cryptokit funds were sent from the Gemini exchange to a private wallet.
The wallet currently has a balance of $ 92 million as Ethereum has lost 8% of its price. The wallet is constantly sending and receiving funds, which may indicate that it is tied to a project or exchange.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 24,000 #ETH (100,293,735 USD) transferred from #Gemini to unknown wallethttps://t.co/Ik73i8XDo4
— Whale Alert (@whale_alert) December 5, 2021
Due to the increased volatility of the cryptocurrency market, trackers register increased activity. Interestingly, along with this, the average transaction cost is also growing (by 80%).
Most of the tracked transactions are inflows of funds to exchanges, indicating pressure from sellers.
If the largest cryptocurrency on the market is currently trading with a weekly loss of 16%, Ethereum is showing great stability, losing no more than 12% over the same period of time.
At the time of publication, Ethereum was trading at $ 4079 and even showing a slight increase. Some industry experts note the growing dominance of Ethereum, which is gradually taking away a share from Bitcoin.
#Cryptokit #transferred #million #Gemini #Ethereum