{"id":560691,"date":"2024-08-05T07:35:44","date_gmt":"2024-08-05T07:35:44","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=560691"},"modified":"2024-08-05T13:37:51","modified_gmt":"2024-08-05T13:37:51","slug":"ethereum-price-plunges-19-as-jump-trading-wallet-transfers-over-17k-eth-to-a-centralized-exchange","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-price-plunges-19-as-jump-trading-wallet-transfers-over-17k-eth-to-a-centralized-exchange","title":{"rendered":"Ethereum Price Plunges 19% As Jump Trading Wallet Transfers Over 17K ETH To A Centralized Exchange"},"content":{"rendered":"

The Ethereum price <\/span>plummeted<\/span><\/a> more than 19% in the last 24 hours after a wallet linked to Jump Trading moved another 17,576 ETH worth over $46.7 million to a centralized exchange, spooking investors.<\/span><\/p>\n

Following the substantial amount of ETH that was sent to an exchange during the past trading day, Jump Crypto still holds 37.6K Lido wstETH (wstETH) and $11.5K staked ETH (STETH), valued at $101 million and $26.3 million, respectively, according to <\/span>Spot On Chain<\/span><\/a>.<\/span><\/p>\n

The development came as the broader crypto market plunged amid concerns over an interest rate hike in Japan and the risk that the Federal Reserve is behind the curve in cutting rates.<\/p>\n

“The reason for the crazy crypto sell-off seems to be Jump Trading, who are either getting margin called in the traditional markets and need liquidity over the weekend, or they are exiting the crypto business due to regulatory reasons (<\/span>Terra Luna related<\/span><\/a>),” said Julian Hosp, the CEO and co-founder of Cake Group. Hosp in an Aug. 4 post on X.<\/span><\/p>\n

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The reason for the crazy crypto sell off seems to be Jump Trading, who are either getting margin called in the traditional markets and need liquidity over the weekend, or they are exiting the crypto business due to regulatory reasons (Terra Luna related). The sell-off is… pic.twitter.com\/7OAhBdO8hH<\/a><\/p>\n

— Dr. Julian Hosp (@julianhosp) August 4, 2024<\/a><\/p><\/blockquote>\n