Last Updated on August 21, 2023 by Bitfinsider

On August 21, co-founder of Ethereum Vitalik Buterin sent 600 ETH worth $1 million to cryptocurrency exchange Coinbase (COIN).

Buterin had refunded 251,000 RAI and taken out $1.6 million in ETH on August 20. RAI is a non-pegged stablecoin that is backed by ETH.

The decision is unexpected given that the crypto market is once again experiencing a significant slump. Over the past week, ETH and Bitcoin (BTC) values both fell by over 10%. At the time of publication, BTC was trading slightly above $25,900, while ETH was trading slightly above $1,650.

The price of ETH typically drops after Vitalik Buterin or the Ethereum Foundation transfers tokens. While the motivation for the most recent transfer is yet unknown, Buterin might decide to engage in another significant selloff. He might, though, decide to make the move in exchange for a one-time sell only. The internet is awash with rumours.

Analysts and industry professionals now forecast that Ethereum’s price would plunge sharply if it dips below the crucial support range of $1,550-$1,600. Over the past seven days, the market cap of the whole cryptocurrency sector has decreased by more than 10%. The overall value of the cryptocurrency market was $1.05 trillion as of publication.

The Securities and Exchange Commission (SEC) in the United States was conducting regulatory examinations of Coinbase. Early in June, the regulator filed a lawsuit against the exchange, alleging that it had operated as an unregistered broker-dealer, in violation of the securities laws.

Over the past week, COIN’s price on Nasdaq decreased by almost 9%. Its price at the time of publication was $73.9.