Ethereum

Lido Staked ETH

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/jump-trading-sells-ethereum-during-market-downturn/" data-wpel-link="internal">Jump Trading Sells Ethereum During Market Downturn</a><br></p>
<p class="p1" style="text-align: justify">Developments in the <a href="https://en.coin-turk.com/ftx-exchange-will-it-be-revived/" data-wpel-link="internal">crypto market</a> continue to attract attention. According to QCP Group, the sale by Jump Trading, one of Singapore’s first crypto asset trading groups, is directly linked to the current market collapse. According to Tradingview <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, Ethereum’s price dropped over 21% in the last 24 hours, falling to $2,252.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-with-ethereum">What’s Happening with Ethereum?</h2> 
<p class="p1" style="text-align: justify">According to QCP Group’s report dated August 5, the primary reason for the drop to the lowest level in over five months was the sale of Ethereum by Jump Trading and Paradigm VC. The report stated:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“The sudden trigger in crypto appears to be aggressive Ethereum sales by Jump Trading and Paradigm VC. This move likely worsened as market makers struggled to short gamma when front-end Ethereum volumes surged from 30% to 120%.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify">Ethereum’s price is struggling to stay above the psychological level of $2,200, and a possible move below this level could lead to further panic selling among crypto <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>, resulting in lower lows. This sharp decline came despite the launch of the first spot Ethereum exchange-traded funds (ETFs) in the US on July 23.</p> 
<h2 class="p1" style="text-align: justify" id="details-on-the-matter">Details on the Matter</h2> 
<p class="p1" style="text-align: justify">Last week, Jump Crypto, the crypto division of Jump Trading, reported that it moved hundreds of millions of dollars worth of crypto assets to various exchanges in preparation for a significant sale. Since Ethereum’s price began to fall, Jump Trading has sold $377 million worth of Wrapped Lido Staked ETH (wstETH) since July 24. According to Lookonchain’s post dated August 5 on X, the company plans to sell a total of $481 million worth of wstETH:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“Jump Trading is selling 120,695 wstETH worth $481 million and has sold 83,000 $wstETH worth $377 million since July 24, leaving 37,604 $wstETH worth $104 million. The market also began to decline by over 33% after July 24.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-377128 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/lookonchain-scaled.jpg" alt="" width="2560" height="1277"></p> 
<p class="p1" style="text-align: justify">Jump Trading is reportedly being investigated by the US Commodity Futures Trading Commission (CFTC). The company’s president, Kanav Kariya, resigned on June 24.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-377127 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/jump.jpg" alt="" width="1686" height="1218"></p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/jump-trading-sells-ethereum-during-market-downturn/" data-wpel-link="internal">Jump Trading Sells Ethereum During Market Downturn</a></h5>
<p>The post <a href="https://en.coin-turk.com/jump-trading-sells-ethereum-during-market-downturn/" data-wpel-link="internal">Jump Trading Sells Ethereum During Market Downturn</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Jump Trading Sells Ethereum During Market Downturn

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