Recently, a number of Ethereum whales moved a whopping amount of ETH on Ethereum’s blockchain. The transaction was reported by Whale tracker ClankApp.
On December 14, one or more anonymous crypto investors transferred over $88 million worth of Eth, between unknown wallets, in three separate transactions.
The first one happened by 3 PM when a whale transferred 9,998 ETH (13,198,722 USD) to another cold wallet. Following that transaction, another investor transferred 30,858 ETH (40,351,533 USD). In the last transaction, 27,300 #ETH (35,699,054 USD) move from between unknown wallets.
In total, $89 million worth of Ether got transferred in the span of three hours.
Market Movement Following FED Raise Report
This unusual market movement could indicate a more apprehensive feeling, following another Federal Reserve raise in interest rates.
Immediately after the first transaction, worth $13 million, Ethereum began a downward movement in the intraday chart. According to CoinMarketCap, Ethereum reached a high of $1,345 around 3:50 PM (GMT) and later tanked all the way to $1,306 following the FED report.
The Ethereum whales movement coincides with the timing of the report, but “only” $89 million in Ether wouldn’t be enough to move the price as much as it did.
In counterpart, Ethereum’s reason for going from $5 billion in 24h trading volume, to $8 billion, is due to the most recent Federal Reserve announcement.
The most recent interest rate rise by the U.S. Federal Reserve has elevated the nation’s interest rates to a whopping 15-year-high.
However, the good news is that the FED is beginning to “slow down” the raises. As reported on December 12, FED’s chairman Jerome Powell confirmed expectations by raising rates by “only” 50 basis points, 25 points less than the previous several raises.
For this reason, the FED’s decision hasn’t affected crypto as the previous monthly raises. The “slowing down” in the rise could indicate to the market that the FED’s battle against inflation is beginning to show effect.