Ethereum (ETH) price is trading below $1,150, charting a decrease of around 7.20% in the past 24 hours as the FTX hacker continued dumping.
The global crypto market still isn’t over the bloodbath that continued to pull large-cap altcoins down. Ethereum price, in particular, was significantly affected after the FTX hacker started to dump ETH for Bitcoin.
As the dumping ensued, ETH prices saw a significant drawdown dropping to a multi-week low of $1,116.84 at press time. With the ETH price losing momentum, many in the market expected ETH to retest the lower $1000 mark. So, would Ethereum make another visit below $1000?
ETH Dumping Takes a Toll on Ethereum Price
Duminică, Hacker FTX reportedly sold over 30,000 ETH, converting a large part of the holdings into Bitcoin. Updates from PeckShieldAlert suggested that the FTX Accounts Drainer continued to swap ETH for renBTC.
In the most recent update on Nov. 21, the FTX Accounts Drainer 0x8059 swapped nearly 4,999 ETH worth $5.57 million for 338.97 renBTC worth around $5.465 million.
Source: https://beincrypto.com/ethereum-price-to-dip-below-1000-as-ftx-hacker-continues-dumping-eth/