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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Red Hot Ethereum: Breach Of $2,000 Draws Major Players Into the Fray

Christian Encila
Christian Encila
1 year ago
3 mins read
Ethereum

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The price of Ethereum (ETH) exhibited superior performance compared to Bitcoin (BTC) in the previous week, mostly because of the registration of Blackrock’s Spot ETF, which instilled optimism that ETH will surpass its previous peak in 2023 and exceed $2,500.

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In a groundbreaking twist since the Ethereum (ETH) Shanghai upgrade earlier this year, the value of Ether has triumphantly surpassed the $2,000 milestone, propelled by the recent surge in Bitcoin (BTC) towards the $38,000 mark.

Ethereum Breaks Past $2K

At the time of writing, ETH was trading at $2,054, up 7% in the last seven days, data from CoinMarketCap shows.

Source: CoinMarketCap

Despite the lingering uncertainty, cryptocurrency aficionados exude optimism, envisioning forthcoming profits as certain investors, driven by impatience, eagerly await the unfolding market dynamics.

Cryptocurrency on-chain data analysis firm Lookonchain unveils a spectacle of whale activity amidst the surge in Ethereum prices. The report highlights notable transactions, with one whale raking in a staggering $154 million profit, while another faces a substantial loss of $183 million.

Bullish or Bearish on $ETH?

Did SmartMoneys and Whales buy or sell $ETH over the past week?

1/🧵

Here is a thread. pic.twitter.com/8yvCO0UI9H

— Lookonchain (@lookonchain) November 14, 2023

Within the thread, Lookonchain zoomed its lens on the whale using the “0xee47” address, showcasing a remarkable uptick in their Ethereum holdings by 3,200 ETH, equivalent to an impressive $6.7 million. The buildup signifies a significant advancement subsequent to the whale’s debut venture into ETH buys on July 5, 2022.

Currently, their portfolio consists of a significant amount of 183,740 ETH, which is estimated to be worth nearly $388 million. This indicates an unrealized profit of approximately $155 million.

ETHUSD trading at $2,010 today. Chart: TradingView.com

ETH Price Gets Boost From Spot ETF Filing

Last week, the price of Ethereum experienced a significant increase, surpassing the $2,000 mark. This spike was attributed to the confirmation by BlackRock, a prominent investment management company, regarding their intentions to introduce an Ethereum Spot Exchange-Traded Fund (ETF).

This confirmation was made through a filing with the NASDAQ. According to on-chain data, a group of financially astute institutional investors engaged in significant purchases of Ether over the weekend, amounting to millions of dollars. This activity is likely a response to a positive news event that has generated optimism in the market.

Source: Santiment

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Immutable X Cements Position With 32% Rally – How Far Is IMX Heading?

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The latest on-chain data supported the positive outlook for ETH. In particular whale transactions valued over a million dollars surged to their highest levels in seven months, as shown in the chart above.

Also, it was clear that the number of exchange names had grown. This supported earlier claims that whales were moving their hoards to make money.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Rhys A. via Flickr

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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