Vitalik Buterin Moves $1 Million Worth of ETH to Coinbase
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.
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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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
