Ethereum

Ethereum’s Price Drop Possibly Due To EOS Selling Large Amounts of ETH

Ethereum’s Price Drop Possibly Due To EOS Selling Large Amounts of ETH

Ethereum (ETH)  took a beating today and had fallen tremendously. At the time of writing ETH is $556.02 which shows it has recovered. However some fingers point to EOS for the significant fall to about $515, but whats the link up?

Famous crypto websites such as TrustNodes and famous Crypto Twitter persona’s such as WhalePanda have weighed in on the reason why EOS is involved in the dip of ETH.

WhalePanda tweeted-

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TrustNodes, earlier in the month reported EOS spending $950 million in ETH over the previous 30 days. The clue that EOS was responsible, was when Binance recorded 180,000 ETH was traded in an hour today compared to 20,000 ETH usually. The figures linked to EOS spending $1 million in ETH four days ago, and this raising to $1.4 million today has made it more clear.

Etherscan showed the wallet marked EOSCrowdsale to have 200,000 ETH and EOS-Owner to having 916,000 which is equal to 1.1 million ETH.

Most of the 24-hour trading volume for Ethereum occurred the same day EOS was listed on Bitfinex. Hence with only a few days more for EOS’s ICO to end and mainnet to launch, EOS being involved has got people scratching their heads.

Dan Larimer along with Block.one created EOS  with the primary goals of solving scalability, speed, and improvements on user experience with a reduction of fees. There is even an option of account recovery. A Delegated Proof-of-Stake consensus mechanism helps EOS in achieving these attributes.

EOS will be launching their mainnet on June 2 and is looking at reaching all-time highs soon. Several prominent crypto figures such as Eric Schmidt and Mike Novogratz are already paying attention to it.

EOS is currently trading at $11.90 with a market capitalization of $10.5 billion.

Image Source: “Flickr”

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Amrit Mirchandani,  A hustler, who believes there is a solution to every problem. A strong believer of Blockchain and a Cryptocurrency enthusiast!
Currently living in the Digital Hub of India, Pune and an extremely friendly and optimistic person. Born and raised in the beautiful island of Sri Lanka and have run businesses ranging from Agriculture to the Digital World. I have had crazy Experiences in Asian Busy towns like Mumbai and Kuala Lumpur to African nations such as Madagascar.