The ongoing cryptocurrency bear market has sparked investors to hold Bitcoin (BTC) and Ether (ETH) amid increasing economic uncertainty.
This aims to hedge against losses, triggering speculation on the growing trend. The news comes two cryptocurrency addresses transferred a massive 22,982 ETH to new crypto wallets after a four-year lull.
The total fund transfers came from Poloniex and Genesis at 9,878 ETH and 13,103 ETH, respectively. The accounts had not moved since Ether remained priced at $190 USD to $230 USD, according to Peckshield, a blockchain investigator. Conversely, the transaction took place after the cryptocurrency reached $1,200 per coin.
The website monitors suspicious activities across cryptocurrency exchanges. It provides key information such as networks, amounts, suspicion levels, and other key data.
Following Ethereum’s Merge upgrade, Ether has seen a massive surge in popularity after its energy consumption was slashed 99.9 percent and set its carbon footprint at roughly 0.1 million tonnes of CO2 each year, placing it as an attractive cryptocurrency to use.
Follow the Money
The news comes after numerous government watchdogs monitor crypto exchanges amid increasing tumultuous crypto market activity.
South Korean authorities stated in September it had found unusual foreign exchange transactions of $680 million USD, totalling $7.2 billion since mid-2022.
The nation’s Financial Supervisory Service (FSS) added in its investigation that 82 firms had transferred ‘abnormal’ funds across exchanges to local companies or locations abroad, triggering follow-ups from authorities.
