Crypto News

Ethereum Slips Below $2300 After FOMC Meeting; Celsius Announces Crypto Distribution

Following the latest FOMC Meeting, Ethereum, the second-largest cryptocurrency, experienced a downturn in Thursday’s trading session amid market volatility.

The price of ETH plummeted by 3% intraday, breaching the crucial $2300 support level. Despite the challenging market conditions, Ethereum continues to advance its core changes, notably with the upcoming 2024 hard fork, Dencun.

Network activity remains robust, with Ethereum witnessing 101K new addresses daily and 484K unique addresses interacting, marking a 28% increase in activity compared to three months ago.

Ethereum Notable Movements On Exchanges, Particularly Celsius

On-chain data reveals significant movements in Ethereum holdings, particularly with Celsius depositing 67,500 ETH ($156.5M) to Coinbase Prime in the last two days. Celsius has transferred a total of 847,626 ETH (~$1.90B) to centralized exchanges since November 13, 2023, possibly involving OTC deals with whales.

Furthermore, Celsius has initiated the distribution of over $3 billion in crypto and fiat to creditors, as part of a confirmed reorganization plan. Additionally, a new Bitcoin mining company, Ionic Digital, Inc., funded by miners and owned by Celsius creditors, has been established with mining operations managed by Enterprise Hut 8.

In parallel, Grayscale made significant transfers, sending 311 BTC and 5863 ETH to Flow Trader, amounting to $26.37 million. As of now, Flow Trader has not made any transactions or sales with these funds.

The cryptocurrency market continues to navigate through turbulent waters, with Ethereum facing challenges amid broader market uncertainties. As developments unfold, investors and stakeholders remain vigilant, closely monitoring market dynamics and on-chain activities for potential insights and opportunities.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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