Ethereum Worth $1.9 Billion Leave Crypto Exchanges as Crypto Market Loses $350 Billion

Following the Twitter conversations between Tesla CEO Elon Musk and crypto investors, the digital asset’s market has continued to plunge despite the electric carmaker’s clarification that they have not sold off any Bitcoins. Contrary to expectations, the world’s most famous crypto-asset hit its record three-month low of $38K on Wednesday.

Not only BTC, but Ethereum has also failed to counter the bear run in the market as it plunged below the $3,000 mark following Musk’s Twitter saga. Despite a 26 percent fall in Ether’s value, the supporters of the second-biggest cryptocurrency are accumulating the coins during the dip.

Source: Ethereum World News

Per figures provided by on-chain data, more than $1.9 billion worth of ETH has left the crypto exchanges – nearly 657,770 Ethereum coins. These figures suggest growing investor confidence in Ether, who are optimistic about the currency’s long-term success following its shift to proof of stake algorithm. On the other hand, the amount of BTCs sent to the exchanges stood at 11,933.

Altcoins Leading The Crypto Market Dip

According to the latest data, the digital asset market lost more than $350 billion in one night and continues to fall on Wednesday as Ether struggles to reclaim the $3K mark. With more than fifteen to thirty percent loss, altcoin led to the downfall.

The overnight downfall lost more than 30 percent of last week’s $2.3 trillion market cap. Ethereuum and Bitcoin lost 19 and 15 percent on Wednesday.

Besides that, the altcoins, which recorded all-time highs during last week’s trading, lost a significant percentage of their value, including Nexo and ICP that lost more than 30 percent.

In addition to that, the self-proclaimed Dogecoin killer lost nearly twenty-nine percent value. Last week, the craze around SHIB skyrocketed, particularly because the meme coins’ leader

Dogecoin surged more than 2,000,000 percent. Plus, all the major crypto exchanges saw massive inflows during the dip.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts