Ethereum’s founder Vitalik Buterin has transferred 600 ETH, worth $1 million, to Coinbase, as reported by Etherscan. This move has quickly caught the crypto community’s attention and sparked speculation that it would trigger a pullback in Ethereum’s price.
Crypto experts have pointed out that his position is losing money.
However, some crypto experts also said that Buterin’s net flows from his vitalik.eth address have been in negative. The position of Buterin is at a 23% loss, according to on-chain data.
One theory raised by crypto members is the possibility of tax loss harvesting. Tax loss harvesting involves selling assets at a loss to offset gains in other investments and reduce tax liabilities.
It is also worth remembering that the big B is worth a lot of money, and he might not be concerned with small losses.
What is The Move About?
Vitalik Buterin reportedly repaid 250,000 RAI to Maker last week. Ethereum’s founder has yet to give any comment on his recent asset transfer. When Buterin wakes up in the morning, he looks at a portfolio worth millions. It is also reasonable to think that he sees the travesty the world is becoming.
One hopes that a visionary like big B knows that change needs to come, and the money governments created isn’t worth the hard drive it is stored on. In fact, the more we fight as a unified people, the less we have. No one wants to see the ongoing political stunt in the Ukraine get “bad” – and by that we mean atomic.
Decentralization should be about peace. And prosperity. There is nothing wrong with wealth as long as one shares it – and that could be the direction big B is going.
We can hope.
Is Ethereum Going Above $2,000 Soon?
The past week proved to be challenging for the cryptocurrency market, as Bitcoin and altcoins experienced significant losses. As August draws to a close, there’s no clear sign of an impending recovery.
At the time of writing, Bitcoin, the market’s flagship cryptocurrency, is hovering around the $26,000 mark. According to CoinMarketCap, Bitcoin’s price plummeted below $25,880 during the week, marking an 11% decline in just seven days. Meanwhile, Ethereum, the second-largest cryptocurrency, has dipped to $1,670, with relatively low volatility.
This week, the highlight will be the Jackson Hole meeting, where the Federal Reserve Chair is scheduled to deliver a speech on August 24. The annual gathering will discuss economic policies for the upcoming year. Last year, amid the impact of the pandemic, the Fed held a workshop with economists to reassess the constraints on economic policies.
As a result of these discussions, the projected inflation rate for the next 10 years has shifted from a range of 2.5% -3 % to a lower range between 2% and 2.5%. This reaffirmation of the Fed’s commitment to combating inflation has instilled confidence in the market, indicating that the central bank is resolute in achieving its inflation target.
Historical data has shown that the price of Bitcoin often experiences declines leading up to and during the Jackson Hole event. This pattern has been observed in previous years, including 2021, 2020, and 2019, highlighting the market’s reaction to this significant event.
On the bright side, Ethereum’s development team is making steady progress toward the eagerly anticipated Dencun upgrade, following the success of the Shanghai upgrade. The implementation of Dencun could potentially act as a catalyst to boost Ethereum’s price.
As of now, the Ethereum development team is in the final stages of planning for this upgrade. Specific details, including the block milestone and estimated launch date for Dencun, are yet to be confirmed.
People are made or destroyed as a result of their choices. Big B is moving money around, and let’s not forget that ETH started life at $1. We need to leverage the greed that drove it to $1000 for the good of humanity.
Too little, too late – is a thing.