Bitcoin, Ethereum, Dogecoin Drop After Vitalik Buterin Transfers ETH Worth $1M To Coinbase: Analyst Warns BNB Is Casually Dragging Down Entire Crypto Market

Benzinga

Published Aug 22, 2023 03:31

Updated Aug 22, 2023 04:40

Bitcoin, Ethereum, Dogecoin Drop After Vitalik Buterin Transfers ETH Worth $1M To Coinbase: Analyst Warns BNB Is Casually Dragging Down Entire Crypto Market

Benzinga - by Mehab Qureshi, Benzinga Staff Writer. Major cryptocurrencies experienced a decline on Monday evening, while altcoins displayed minimal price fluctuations. This occurred as the markets appeared to regain stability after a significant liquidation event, which stands as one of the largest in recent months.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC) -0.29% $26,056
Ethereum (CRYPTO: ETH) -1.09% $1664
Dogecoin (CRYPTO: DOGE) -1.81% $0.062

What Happened: Ethereum co-founder Vitalik Buterin made a significant deposit to crypto exchange Coinbase on Monday. According to data from the Ethereum blockchain scanning website etherscan, Buterin deposited 600 ETH which is valued at approximately $1 million in cryptocurrency.

This move comes at a time when ether, the second-largest cryptocurrency by market capitalization, has experienced a 10% decline over the last seven days. This decline is part of a wider market downturn, resulting in traders witnessing liquidations totaling $1 billion.

Coinbase (NASDAQ:COIN) is set to acquire a minority stake in Circle Internet Financial while also dissolving their Centre Consortium partnership, which previously facilitated the issuance of USD Coin (CRYPTO: USDC), the world’s second-largest stablecoin.

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Akash Network +16.75% $1.58
Optimism +2.27% $1.52
THORChain +1.72% $1.77

Currently, the global crypto market capitalization stands at $1.05 trillion, a 0.80% decrease in the last day.

The Nasdaq Composite ended its four-day losing streak on Monday, defying rising Treasury yields that haven’t been seen in over a decade. It surged 1.6%, marking its largest one-day advance since July 28 when it rallied 1.9%. Meanwhile, the S&P 500 climbed by 0.69%.

See More: Best Crypto Day Trading Strategies

Analyst Notes: Crypto analyst Michael Van De Poppe said "BNB [is] casually dragging the entire crypto markets down. Brings memories back from last year, when SBF was chasing a big ETH liquidation at $800."

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TechDev, a pseudonymous analyst, suggests that Bitcoin’s recent drop to $25,000 could potentially serve as a catalyst for a new upward trend, based on historical cycles. As TechDev puts it, “Either the months ahead surprise the market yet again, or this time is truly different."

Crypto analyst Chris Burniske believes that BTC, ETH, and SOL are unlikely to reach new lows this year. He cautions against relying on “bottom vultures” who may be predicting lower prices without any intention of taking a long position. "While 2019 is a useful context, I don't think BTC, ETH and SOL make new lows in ‘23 — 2022 was the low in my opinion. "

Photo Courtesy: Shutterstock.com

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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