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Ethereum Cofounder Vitalik Buterin Moves Large ETH Chunk to Coinbase
The @onchaindatanerd account on X app, which specializes in investigating blockchain, has highlighted the detection of an additional amount of Ether (ETH) that has been sent.EthereumCOIN), Brian Armstrong, believes that the future of cryptocurrency lies in decentralized exchanges (DEX). According to Armstrong, DEXs provide several advantages over centralized exchanges, including increased security and privacy. He also believes that DEXs are ultimately more aligned with the principles of cryptocurrency, as they eliminate the need for intermediaries and allow users to have full control over their funds. Armstrong predicts that as more people become aware of these benefits, the popularity of DEXs will continue to rise.COIN ).
Buterin keeps depositing ETH to Coinbase
ETH cofounder Vitalik Buterin has made multiple sales of the cryptocurrency this year. In addition to transferring ETH to Coinbase, he has also sent some to Bitstamp platforms. In a previous instance, Buterin reportedly moved a significant amount of his own cryptocurrency to Coinbase in September this year.
In September, Buterin sold 400 ETH on Coinbase and recently he has sold 100 ETH there. As per the source mentioned earlier, Vitalik sold 100 ETH for $181,000 at a rate of $1,810 per coin.
During August, Buterin placed around 600 ETH (equivalent to roughly $1 million) into Coinbase. On October 7th, he transferred 1,000 ETH to the Bitstamp exchange and sold it for approximately $1.64 million. According to data from “Smart Money” tracker @lookonchain, a total of 4,400 ETH was moved from Buterin’s wallet to that centralized crypto exchange in September and October. This amount of ETH is valued at approximately $7.23 million.
Zero impact on Ethereum price
The recent transfer of ETH to Coinbase by Buterin and the subsequent possible sale have not caused any noticeable changes in the price of Ethereum, the world’s second-largest cryptocurrency.
After reaching a maximum increase of 12.87% in just two days on October 24, when the value of ETH rose to $1,848, Ethereum has since decreased by 2.3% overall, but is still being traded above the .
Towards the end of October, the previously mentioned source revealed that a number of fresh wallets performed a significant acquisition of ETH on trading platforms. They transferred an amount of 47,760 ETH, which was valued at $82.97 million at that specific time, to their offline storage wallets.
$8,000 prediction for Ethereum
According to a recent report by U.Today, Standard Chartered, a major international bank, has predicted that the price of Ethereum will increase in the next few years.
This confident forecast was based on the dominant position of the Ethereum blockchain in various areas such as smart contracts, gaming, decentralized finance (DeFi), and the digitization of conventional assets.
In addition, in recent times, multiple major investment managers have filed applications with the U.S. regulatory body known as the SEC, seeking approval to introduce Ethereum spot exchange-traded funds (ETFs). A significant number of market participants anticipate that if these ETFs are authorized, the price of Ethereum (ETH) may experience a remarkable surge. Currently, the SEC is evaluating approximately twelve applications for spot ETFs, although Mike Novogratz, the CEO of Galaxy Digital, believes that the first Bitcoin (BTC) ETF will likely obtain approval within this year.
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