Ethereum

Bitcoin

Million

when

It is claimed that one of the most important reasons for the last major decline in the cryptocurrency market is Jump Crypto, one of the largest companies in the industry. 
Onchain data shows that the company moves a large amount of coins to cryptocurrency exchanges, especially Ethereum (ETH). 
This situation puts pressure especially on altcoins, and due to Bitcoin's failure to remain strong, the entire cryptocurrency market market value has lost approximately 4% in the last 24 hours. 
Jump Crypto was subject to an investigation by the CFTC regarding Terra (LUNA) in June. Then, the company's Indian-origin CEO resigned. The company also has an investigation by the SEC. 
The fact that the sales came at the weekend when liquidity was low caused volatility to increase in particular. Bitcoin price has lost the psychological limit of $60,000 and is trading at $58,432 at the time of writing. 
On the Ethereum side, losses are heavier. ETH price has fallen 7% in the last 24 hours and is trading at $2,700 at the time of writing. 
Related News: <a href="https://en.bitcoinsistemi.com/bitcoin-trader-who-lost-1-1-million-in-recent-downturn-reveals-what-he-did-wrong/" target="_blank" rel="dofollow">Bitcoin Trader Who Lost $1.1 Million in Recent Downturn Reveals What He Did Wrong</a> 
<figure id="attachment_149939" aria-describedby="caption-attachment-149939" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="size-full wp-image-149939" src="https://www.bitcoinsistemi.com/wp-content/uploads/2024/08/jump-trading-satis.jpg" alt="" width="1244" height="1102">
 <figcaption id="caption-attachment-149939" class="wp-caption-text">
 Table showing the ETHs that Jump Trading moved to Binance.
 </figcaption>
</figure> 
When Onchain data is examined, it is seen that Jump Trading has a total of $ 552 million in cryptocurrency assets on the Ethereum network. Approximately 520 million dollars of these are in their wallets as stablecoins. 
On the other hand, it is known that Jump Trading also has a large amount of SOL coins in the Solana network. Since the wallet tagging network of block explorers on the Solana network is weak, the majority of the company's wallets are unknown, resulting in the details of sales not being known. 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/real-reason-for-the-massive-decline-in-bitcoin-and-altcoins-allegedly-revealed/">Real Reason for the Massive Decline in Bitcoin and Altcoins Allegedly Revealed</a>

Real Reason for the Massive Decline in Bitcoin and Altcoins Allegedly Revealed

Bitcoin Sistemi EN

Other articles published on Aug 4, 2024

Bull Season Commences! Kaspa and Aave Reacting Well as Rollblock New GambleFi Protocal Pushing Th...

Top Crypto Staking Platform: A Guide to Choose the Correct Path of Crypto Staking

Whales Accumulate Cryptocurrencies Heavily

Ethereum Set to Surge 17%: Promising Forecast Based on Historical Trends

Bitcoin Crashes Alongside Massive Spot BTC ETF Outflows

Donald Trump Suggests Using Bitcoin to Repay the US Debt!

Join our free newsletter for daily crypto updates!