Middle East Conflict
The geopolitical situation in the Middle East between Israel and Palestine can affect the price of cryptocurrencies such as Bitcoin.
At this time on 11/10/2023 Crypto Assets tend to decline and are in the red zone, Bitcoin (BTC) fell 1.9 percent to $27,050. Ethereum (ETH) plunged 2.13 percent to $1,554. and the Crypto Asset market also fell by 1.74% today to US$1.078 Trillion.
This simultaneous decline in crypto prices resulted in 41,060 traders being liquidated with total liquidations reaching US$112.99 million.
Based on data from Coinmarketcap, the cryptocurrency with the largest market capitalization, Bitcoin (BTC) still weakened 1.13 percent in 24 hours, but still strengthened 0.28 percent on the week.
Currently, the price of bitcoin is at USD 27,598 per coin or the equivalent of IDR 433.5 million (assuming an exchange rate of IDR 15,708 per US dollar).
Ethereum (ETH) is still weak. ETH fell 3.33 percent in the past day and 4.92 percent in the week. That way, currently ETH is at the level of IDR 24.77 million per coin.
The next crypto, Binance coin (BNB) weakened again. In the last 24 hours BNB fell 2.37 percent and 3.80 percent a week. This makes BNB priced at IDR 3.23 million per coin.
Then crypto Cardano (ADA) was back in the red zone. ADA slumped 1.81 percent in the last 24 hours and 2.48 percent on the week. That way, ADA is at the level of IDR 3,956 per coin.
However, if we look deeper, the factor that had a big influence on this price decline was the sale of ETH by Vitalik Buterin and the Ethereum Foundation.
Vitalik Sells 3,999 ETH to Exchange
On October 9, data from Arkham analytics revealed that in the past five weeks, addresses associated with Vitalik Buterin had sent 3,999 ETH to crypto exchanges for a total value of approximately US$6.4 million. This big move has sparked speculation among the public regarding the purpose behind the sale.
Recent transactions on October 7 indicate that ETH was likely exchanged for fiat currency on Bitstamp. Address 0xD04daa65144b97F147fbc9a9B45E741dF0A28fd7 still holds 36,000 ETH, which is equivalent to US$57.2 million.
The Ethereum Foundation also recently sold 1,700 ETH and converted it into stablecoins worth US$2.74 million on October 9 via Uniswap. However, in this case, analysts note that the foundation's actions appear to be part of its normal operations, grants and incentives that meet their requirements.
Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. I am not responsible for profits and losses arising from investment decisions.
