coinspress.com
Bitcoin and and the whole cryptocurrency market witnessed a significant and abrupt decrease in the past week.
During this downward movement, BTC’s value declined to $25,000, and Ethereum dropped to $1,550.
BTC and other cryptocurrencies have shown signs of recovery following this substantial dip.
According to reports from PeckShieldAlert, Vitalik Buterin, the founder of Ethereum, initiated a transfer of 600 ETH to Coinbase.
#PeckShieldAlert vitalik.eth has transferred 600 $ETH (~$1M) to #Coinbase pic.twitter.com/XVTwLqPENM
— PeckShieldAlert (@PeckShieldAlert) August 21, 2023
These 600 ETH tokens are estimated to hold a value of around $1 million.
Usually, when ETH is transferred by Vitalik Buterin and the Ethereum Foundation, it tends to coincide with a decline in the price of ETH.
Though the purpose of the recent transaction is unclear, there are conjectures of a potential significant sell-off by Vitalik Buterin.
Following the Shanghai upgrade, the Ethereum development group is actively engaged in the development of the Cancun upgrade. This upgrade is set to introduce account abstraction, enhance scalability, and optimize storage efficiency.