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Ethereum Price Might Be Manipulated By Exchanges And Whales

Ethereum Price Might Be

A new analysis is in the crypto news, going through the top 10,000 Ethereum (ETH) wallet addresses and suggesting that the world’s second largest cryptocurrency by market cap could potentially see its value increase significantly in the foreseeable future. As we can see, the Ethereum price might be manipulated by large crypto exchanges and whales – and see its value increase again in the near future.

However, the bad side of the story is that there are several questionable practices which are being carried out by a few leading crypto asset exchanges as well as certain ETH whale accounts (addresses which hold very large amounts of the digital currency).

The author of the report, Adam Cochran, points out that when Circle Internet Financial first acquired the Poloniex exchange in February 2018, he had transferred virtual assets into high security cold storage wallets and maintained strong or adequate reserves.

ethereum price eth price news

However, when the exchange was later purchased (for $400 million) by a select group of crypto industry participants which included the Tron founder Justin Sun, it was speculated that a lo of the assets were removed from the cold wallets – becoming fractional reserves. This is why the Ethereum price might be manipulated by whales.

As the report shows, the cold or offline cryptocurrency wallets seem to have only transferred funds to digital currency exchanges that list Tron (TRX) which is a top 20 digital asset by market cap. Also, this activity led to a considerable 50% increase in the TRX price and a significant increase in the number of people buying this digital token.

The author of this report is now viral in the ETH news, going on to reveal various tactics used by a dozen crypto whale accounts which are apparently manipulating the fragile cryptocurrency market. He also claimed that this may be done in coordination with the exchange Bitfinex and may also involve another leading derivatives trading platform, BitMEX.

So, whenever the crypto market crashes, these whales are able to make quick profits on their short positions, and then buy back ETH again at significantly lower prices. Currently, the ETH price in the latest Ethereum news is at $213 with a 2.61% decline overnight. It is expected for ETH to retrace a bit before making another move to the zone upwards.

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