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Reading: Paradigm Transfers 6,500 ETH to Coinbase, Sparking Market Speculation
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COINTURK NEWS > Ethereum (ETH) > Paradigm Transfers 6,500 ETH to Coinbase, Sparking Market Speculation
Ethereum (ETH)

Paradigm Transfers 6,500 ETH to Coinbase, Sparking Market Speculation

In Brief

  • Paradigm moved 6,500 ETH to Coinbase, signaling potential market moves.

  • Ethereum's price fluctuated after the transfer, with current value over $2,200.

  • Paradigm's history suggests strategic buying during market lows and selling at highs.

COINTURK NEWS
COINTURK NEWS 1 year ago
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The native asset of the largest smart contract platform Ethereum, Ether (ETH), saw its price shaken today by a transaction that resulted in a drop in the price of the altcoin king. According to closely followed on-chain data in the crypto world, Paradigm, known for its investments in many crypto companies, was seen transferring a substantial amount of ETH to the US-based leading cryptocurrency exchange Coinbase.

Contents
Paradigm Deposits 6,500 ETH to CoinbaseCurrent Ethereum Price Situation

Paradigm Deposits 6,500 ETH to Coinbase

According to on-chain data provider Lookonchain, Paradigm today deposited 6,500 ETH worth $14.67 million to the US-based cryptocurrency exchange Coinbase. The data suggests that Paradigm collected these ETH at quite low price levels.

At this point, it should be noted that Paradigm collected the ETH transferred to Coinbase when the price was below $500. With ETH currently trading above $2,200, this indicates that Paradigm has made a significant profit, more than four times the purchase price.

Looking at past market data, Paradigm’s tendency as a “smart investor” to buy large amounts of ETH during market downturns and sell them when the market rises increases the significance of this transaction. This tendency makes the transfer of 6,500 ETH to Coinbase even more noteworthy and has led to speculation that the cryptocurrency market may be on the brink of a downturn.

Current Ethereum Price Situation

At the time of writing this article, Ethereum’s price has seen a decrease of 1.08% in the last 24 hours, trading at $2,237. Over the weekly timeframe, the price of the altcoin king has dropped by 2.20%, and by 1.75% over the monthly timeframe.

ETH, which traded in the green for a short period of the day, managed to attract the attention of crypto traders and investors. Following this surge in interest, the altcoin switched to trading in the red after Paradigm’s transaction of 6,500 ETH.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 6 January, 2024 - 4:38 pm 6 January, 2024 - 4:38 pm
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