The post Jump Trading Liquidates $500M Ethereum, Contributing to $3-4K Bitcoin Drop; Expected to Finish by 5pm EST appeared on BitcoinEthereumNews.com.

Jump Trading is reportedly liquidating substantial amounts of cryptocurrency, including Bitcoin and Ethereum Jump Trading is reportedly liquidating substantial amounts of cryptocurrency, including Bitcoin and Ethereum. Over the past two weeks, Jump has unstaked and sold approximately $500 million worth of Ethereum, with $400 million coming from a single wallet. As of the latest transactions, Jump has about $14 million of Ethereum left to sell, with $27 million of ETH initially left to liquidate. This aggressive selling has contributed to a $3-4K drop in Bitcoin prices and a dampened effect on Ethereum prices post-ETF listing. The liquidation process, tracked via ArkhamIntel, shows Jump transferring coins from exchange hot wallets to deposit addresses, indicating significant market activity on an illiquid Sunday. Jump is expected to finish selling by 5pm EST if the current pace continues. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz. Source: https://thedefiant.io/news/markets/jump-trading-liquidates-500m-ethereum-contributing-to-3-4k-bitcoin-drop-expected

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Filed under: News - @ August 5, 2024 6:14 am