Ethereum’s price has fallen significantly over the past 24 hours and TrustNodes, a tech site, blames the fall in price on mass Ether sale on Bitfinex. The site blames the sell-off on the upcoming release of the EOS Mainnet.
WhalePanda, a cryptocurrency analyst on Twitter, also suggested that the fall in price was due to the EOS Mainnet launch. Currently, Ether is down by 8.49% trading at $515.
Ethereum’s Value Diminishes Significantly
Earlier in the month, the reports from TrustNodes was that EOS spent over $950 million on Ether within 30 days. The information was gotten from a third party data feed analyst, Santiment. The same platform, TrustNodes, today, reported that about 180,000 ETH had been traded on Bitfinex within the past one hour. This is a significant increase compared to the usual 20,000 ETH per hour trade that is typically recorded on Bitfinex and other top exchanges.
The reports suggest that EOS is responsible for party trading such a large amount of Ether. They claim that EOS spent $1 million in Ether four days ago and $1.4 million in Ether today.
The Etherscan revealed that some wallets hold a significant amount of Ether. The wallet named EOS-Owner is said to have about 916,000 while the wallet named EOSCrowdsale has about 200,000 Ether. This will give a total of 1.1 million Ether.
Over a 24 hour period, Bitfinex had traded over $238 million in ETH at press time. This is according to the data on coinmarketcap.com. OKEx, on the other hand, traded about $104 million in Ether within 24 hours and Huobi records over $98 million in Ether over the same time frame.
Some analysts believe that this sell-off is somehow related to the upcoming EOS Mainnet launch. EOS is currently trading at $12 which shows a 4% decline within a 24 hour period.