• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
ethereum
Nexo Logo

$30m in Ethereum Entered Huobi in 7 Days: Why It Is Bad for ETH Prices

Martin Young by Martin Young
2 years ago
in Ethereum
Reading Time: 2 mins read
Advertisement

Ethereum is not having the greatest start to 2020. Prices are dumping again from levels which are already at rock bottom as more ETH gets liquidated on exchanges.

Ethereum Keeps Dumping

Since New Year’s day ETH has dumped over 5% and the rout has continued for the third day of the month. Support at $130 has turned resistance as the world’s number two slid back to $125 a couple of hours ago according to Tradingview.com.

ethereum

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Yesterday’s Muir Glacier upgrade has done nothing for Ethereum prices as was the case with Istanbul last month. Hard forks and network improvements have little effect on markets these days.

Since its 2019 peak ETH has dumped 65% and it doesn’t look like recovering any time soon.

The cause appears to be a massive liquidation on major exchanges. As observed by trader ‘CryptoGainz’ Huobi has been flooded with $30 million in Ethereum over the past week.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

“Oh, you know, just a casual +235k net inflow of $eth to huobi over the last 7 days.”

Oh, you know, just a casual +235k net inflow of $eth to huobi over the last 7 days.

At this point bulls owe Xi Jinping 30$ for the thorough prostate exam he has given them. pic.twitter.com/GZgu4mHFdM

— CryptoGainz (@CryptoGainz1) January 3, 2020

Since this exchange is popular in China the dump is likely to be the remnants of the PlusToken scam being liquidated. Huge Ethereum dumps occurred last month as PlusToken wallets were emptied. It was suggested at the time that the scammers could manipulate Ethereum prices for a long time to come.

In reality they appear to be just offloading their ill-gotten gains so prices are likely to recover as Ethereum fundamentals improve or crypto markets turn bullish again.

Nevermind the FUD

Aside from scammers and whales manipulating markets and encouraging the bears, Ethereum is fundamentally solid.

A growing DeFi ecosystem based on ETH proves that the token is evolving into the internet of money. The amount of ETH locked in DeFi has hit another all-time high of 3 million according to Defipulse.com.

DeFi

There is also renewed optimism for ETH 2.0, the first stages of which will be rolled out this year as observed by crypto analysts.

“Super excited to see $ETH pull off Ethereum 2.0 this year. Definitely going to be the biggest crypto moment of the year.”

The entire rollout of the completely new ETH 2.0 platform is still a couple of years away but the first proof of stake Beacon Chain is likely to be activated later this year.

This will herald an entirely new way to earn with Ethereum through running a node or staking rewards which major exchanges are likely to offer.

Ethereum is having a rough time at the moment but there is light at the end of the digital tunnel.

Image from Shutterstock
Tags: Beacon chainDeFiETHETH 2.0ethereumhuobiPlusTokenscammers
Tweet123Share207ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Related Posts

Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months

Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months

2 days ago
Ethereum Uniswap UNI UNIUSDT

How Ethereum’s Uniswap Reached A Milestone Of $1 Trillion In Trading Volume

2 days ago
bitcoin, ethereum

Bitcoin, Ethereum Exchange Inflows Suggest Sell-Offs Are Far From Over

2 days ago
Lido

Lido (LDO) Sheds 58% Of Its All-Time High TVL At $11 Billion

3 days ago
Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support

Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support

1 week ago
Ether

Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In Rotation

1 week ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Interest-free Loan, New way of Assets Increase

May 26, 2022

Hoskinsea Partners with Pavia land to Setup A Virtual Headquater On The Metaverse

May 26, 2022

The first free and equal digital country – HyperNation global theme conference was held

May 26, 2022

HyperNation’s event launch sales on HITCHHIKER OF STAR (H.O.S) went out like wildfire

May 26, 2022

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World

May 26, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.