Due to the current bear market conditions, the price of Ether (ETH) has gone down by nearly 20% over the past 24 hours. Valued at around the $1,200 mark, many crypto investors are bracing for an even bigger drop. This has already happened for a short period on the decentralized exchange (DEX) Uniswap. Investors were shocked to discover the price of the popular cryptocurrency dropped to $950 after a whale dumped approximately 65,000 ETH into the market.
How did ETH fall below $950?
Crypto Twitter was the first to notice that the cryptocurrency’s price dropped to below the $1000 mark. According to angel investor and Ethereum project advisor Mariano Conti, this happened because an investor was selling off 65,104 ETH. Allegedly, they did this to pay off debt and decrease their risk. The investor transferred money from a vault on the DeFi app Oasis, and used the DeFi lending platform MakerDAO to sell the crypto off.
By moving such a large amount of crypto, the investor triggered the sub-$1000 drop. Not only that, but the investor only got $1,156 per ETH. They then sold the ETH for dollar-pegged stablecoins. What’s more, the investor had to pay Oasis around $152,000 in fees.
The saga did not stop there. Just a few hours later, the same investor sold yet another 27,947 ETH at $1,181 per ETH. It is safe to say the investor made a significant loss, considering that, according to the Oracle, the cryptocurrency was valued at around $1,335 when they first bought it.
The cryptocurrency’s current value
At the time of writing, ETH’s value is $1,165.68. This is considerably lower than its all-time-high value of $4,892 in November 2021. Despite these low values, many still see the bear market as a time for opportunity and future investments.
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