Short
- Ethereum (ETH) price fell below $950 overnight on decentralized exchange Uniswap.
- Currently, ETH is down almost 20% over the past 24 hours at a spot price of $1,220 across most exchanges.
with Ethereumprice of down about 20% Hovering around $1,200 over the past day and this morning, many crypto investors and industry watchers are setting themselves up for a historic drop back into the triple digits.
But it’s already late last night decentralized exchange (dex) uniswapHowever briefly, the price of ETH reached $950 after whales dumped more than 65,000 ETH into the market.
it was Crypto Widely Viewed on Twitter, because the price was much lower than the spot rate on other exchanges, where the price was around $1,300 at the time. However, this proved to be a brief flash crash for Uniswap, and the price rebounded in line with the rest of the market.
Clearly, the momentary sub-$1,000 drop for ETH was mainly triggered by the above selloff, which spooked both Uniswap and rival DEX. sushi swap,
65,104 ETH was sold in the transaction A Vault on the DeFi App Oasis, with an average selling price of approximately $1,156 per ETH. All told, over $75 million in ETH was sold at that price. ETH was Sold for a Heap of Dollar-Peg StablecoinsIncluding DAI, USDC, and USDT.
Mariano Conti, an angel investor and Ethereum project advisor, tweeted that the investor was apparently selling a large portion of ETH to “pay off debt and reduce his risk” DeFi lending platform MakerDAO—Perhaps to cover a loan that was about to be liquidated.
However, by moving such a large amount of ETH in a single transaction, sellers clearly got a less-than-desirable price. As the Oasis Vault data shows, Oracle’s price for ETH at the time was $200 above the average selling price in the transaction. The seller also paid Oasis approximately $152,000 in fees with the transaction.
Just hours later, the owner of the same Oasis Vault sold another 27,947 ETH for an average price of $1,181 – another $33 million worth of ETH at that price. Again, the seller took a lower price than the market price at the time, which was $1,335.
At the time of writing, at a current price of around $1,220, according to data from CoinMarketCap, Ethereum has lost about 20% of its price in the past 24 hours and 34% in the past week. It is now down 75% from its all-time high of around $4,892 in November 2021.
Top cryptocurrency bitcoin has also been down significantly as of late, but the news isn’t so bad: it’s down 17% today and 25% over the past week. At the current price of $23,366, bitcoin is down 66% from its all-time high of around $68,790 set last November.
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