Ethereum prices dropped significantly over the last 24 hours and TrustNodes, the technology site, blamed the price collapse on mass Ether sales at Bitfinex. This site blames the off-sale at the upcoming EOS Mainnet launch.
WhalePanda, a cryptocurrency analyst on Twitter, also stated that the fall in prices was due to the launch of EOS Mainnet. Currently, Ether is down with an 8.49% trade at $ 515.
Ethereum Value Significantly Decreased
At the beginning of the month, reports from TrustNodes are that EOS spent more than $ 950 million on Ether in 30 days. The information was obtained from third party data feed analyst Santiment. The same platform, TrustNodes, today, reports that about 180,000 ETH have been traded on Bitfinex in the last hour. This is a significant improvement compared to the 20,000 ETH per hour trades normally recorded on Bitfinex and other top bourses.
Reports show that EOS is responsible for trading parties such as large numbers of Ether. They claim that EOS spent $ 1 million on Ether four days ago and $ 1.4 million in Ether today.
Etherscan revealed that some wallets store large amounts of Ether. The wallet named EOS-Owner is said to have about 916,000 while a purse named EOSCrowdsale has about 200,000 Ether. This will give a total of 1.1 million Ether.
For 24 hours, Bitfinex has traded over $ 238 million in ETH at press time. This corresponds to the data at coinmarketcap.com. OKEx, on the other hand, traded about $ 104 million in Ether in 24 hours and Huobi recorded over $ 98 million in Ether over the same timeframe.
Some analysts believe that this sale is somehow related to the upcoming EOS Mainnet launch. EOS is currently trading at $ 12 which shows a 4% drop in a 24-hour period.