The cryptocurrency market was abuzz on Tuesday as Ethereum (ETH) took a nosedive below the $3,000 mark. Despite a promising 9% weekend recovery that saw ETH soar to a peak of $3,300 on April 28th, bulls were unable to maintain momentum. However, just when all seemed lost, whispers of whale activity began to circulate, offering a glimmer of hope for ETH’s future.
As the weekend approached, Ethereum (ETH) holders were hopeful for a turnaround after a recent dip. And their prayers were seemingly answered as the market saw a 9% surge between April 27th and April 30th.
But just as the bulls were celebrating their victory, the bears came charging back, reclaiming control and causing a sharp 14% drop in 48 hours. This sudden shift in sentiment sent the price of Ethereum tumbling below the $2,820 mark, a level not seen in 75 days. It’s a rollercoaster ride for ETH investors, with twists and turns at every corner.
“Is Ethereum’s recent 14% decline a result of a lackluster announcement from the US Central Bank? The highly anticipated decision from the US Federal Reserve on Wednesday left investors disappointed as they chose to maintain their current monetary rates and stick to their 2% inflation target.
Amidst a turbulent economic landscape, with the US inflation rate stubbornly above 4%, whispers of potential rate cuts in 2024 have ignited a firestorm among risk asset investors.
Even the esteemed BlackRock CEO, Larry Fink, has joined in on the speculation. However, the Federal Reserve’s recent announcement to freeze rates has sent shockwaves through the crypto market, causing Ethereum’s price to plummet.
As the clock struck April 28th, the world of cryptocurrency was buzzing with the news that the top 1,000 Ethereum wallets were sitting on a jaw-dropping 75.11 million ETH.
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Despite the recent dip in ETH value, these savvy investors known as “whales” remained unfazed by the Federal Reserve’s decision to pause interest rates. In fact, they saw it as the perfect opportunity to dive deeper into the market and accumulate even more of this valuable digital currency.
The Ethereum ocean just got a whole lot deeper as the whale population reached a whopping 75.14 million ETH yesterday, May 2. In just three days, these majestic creatures have added a whopping 6,000 ETH to their already impressive balance. With each ETH valued at $2,976.77, these whales have made a splash in the market, injecting a massive $18 million into the ecosystem this week.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.