Ethereum, the world’s second largest crypto, is trading under immense selling pressure due to the increased volatility due to the Silvergate Debacle. Investors look hesitant to reenter the market as Silvergate warned of going out of business in the latest filings. 

As per the On chain data, a dormant whale wallet moved out 10,266 of its Ethereum reserve in multiple transactions amid the recent price dip. The whale address shifted approx $16 million worth of ETH in a single transaction. Tracker reports that the moved Ethereum was obtained through mining in 2017.

It added that out of moved 10,266 Ethereum, the whale transferred 1,322 ETH (approx worth $2 million) to the Poloniex crypto exchange. However, Ethereum price has taken a hit of around 5% over the past 7 days to trade in the range of $1.6 price level.

(By Ashish Kumar)

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