The value of Ethereum has been reported to be flopping at an alarming rate. A recent market crash led the price of the token to fall below 1700 dollars. Before the incident occurred, an Ethereum Whale carrying up to 41 million dollars worth of Ether ended up selling the tokens. The whale has now managed to evade a loss of more than 5 million dollars.
Ethereum Whale Avoids Major Loss
According to Lookonchain, the Ethereum Whale withdrew 41 million dollars in the form of USDT after selling 22,341 Ether. It was not a total stroke of luck as the trader behind the sale lost approximately more than 1.5 million dollars. The reports indicated that market capitalization dropped by 6% and it affected the crypto exchange markets worldwide. One of the tokens affected was BNB whose value dropped below 220$.
The value of Ethereum shot down to as low as 1597 $.
The Impact Of Market Capitalization On Other Tokens
The statistics recorded were quite dreadful as all tokens were affected. The value of Bitcoin dropped to 25,649$. It is difficult to have hope at this point as Bitcoin was expected to surpass the 30500$ support level this year.