{"id":486415,"date":"2022-03-19T08:28:47","date_gmt":"2022-03-19T08:28:47","guid":{"rendered":"https:\/\/wncen.com\/?p=486415"},"modified":"2024-06-11T14:18:31","modified_gmt":"2024-06-11T14:18:31","slug":"ethereum-sees-biggest-exchange-withdrawals-this-year-a-bump-in-eth-price-in-the-offing","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-sees-biggest-exchange-withdrawals-this-year-a-bump-in-eth-price-in-the-offing\/","title":{"rendered":"Ethereum Sees Biggest Exchange Withdrawals This Year – A Bump In ETH Price In The Offing?"},"content":{"rendered":"

Over 180,000 Ethereum (ETH) tokens have been pulled out\u00a0from centralized exchanges in the last 24 hours, as traders seek to preserve their cryptocurrency in expectation of bullish price action.<\/p>\n

According to a March 18 tweet from crypto market analysis site IntoTheBlock, more than\u00a0$500 million worth of Ethereum was withdrawn on March 16 across a number of different CEXs (including Binance, Kraken, and Crypto.com).<\/p>\n

Given that the price of one ETH was $2,590.40 on the date of the analysis, the value of the tokens withdrawn was more than half a billion dollars, the highest withdrawal of the year.<\/p>\n

Ethereum Outflows A Bullish Sign<\/h2>\n

According to the company, this figure reflects the greatest aggregated exchange withdrawal of ETH since October of this year. At the time, total ETH withdrawals coincided with a 16% increase in the cryptocurrency’s price during a ten-day period.<\/p>\n

Ethereum is the second-largest cryptocurrency in terms of market capitalization, behind\u00a0Bitcoin.<\/p>\n

Related Article | <\/strong><\/em>Apple Co-Founder Steve Wozniak \u2018Feels\u2019 Bitcoin Will Be Worth $100,000<\/em><\/strong><\/a><\/p>\n

It\u00a0is a decentralized computing\u00a0platform capable of running a broad range of applications, including a plethora of decentralized finance (or DeFi) apps and services.<\/p>\n

On the Ethereum blockchain, everything from financial tools and games to complicated databases is already functioning.<\/p>\n

And its future possibilities are only constrained by developers’ ideas. As the Ethereum Foundation, a non-profit organization, puts it:<\/p>\n

“Ethereum is more than just a payment system. It’s a marketplace for financial services, games, and applications that cannot steal\u00a0your data or censor you.”<\/p><\/blockquote>\n

Ether investors are having a difficult time in 2022, with ETH down 25% year to date as of March 17.<\/p>\n

Nonetheless, the cryptocurrency has recovered many times in the last couple of months near $2,500, indicating a strong support level. Since then, ETH has risen to $2,934 as of March 19.<\/p>\n

<\/p>\n

ETH total market cap at $351.68 billion on the daily chart | Source: TradingView.com<\/a><\/pre>\n
Blockchain To Proof Of Work<\/h2>\n
Tim Beiko, developer of the Kiln testnet \u2014 formerly Ethereum 2.0 \u2014 reported on March 15 that the Ethereum “Merge” had been successfully completed.<\/p>\n
The procedure entails separating Ethereum’s Execution Layer from the existing proof-of-work layer and combining it with the Beacon Chain’s Consensus Layer.<\/p>\n
The ultimate objective is to convert the blockchain to a proof-of-stake network.<\/p>\n
Meanwhile, ETH has increased by 18% over the last week, making it the only top-10\u00a0cryptocurrency by market cap to notch\u00a0double-digit percentage gains, aside from Avalanche (AVAX).<\/p>\n
Ethereum Market Cap Swells<\/h3>\n
The announcement of Ether’s largest outflow came just one day after Finbold reported on Ethereum’s market capitalization increasing by more than $20 billion in a week.<\/p>\n
As of Saturday, the market cap of the second biggest crypto was $350.65 billion, CoinMarketCap data show.<\/p>\n
Related Article | <\/em><\/strong>Ripple Welcomes More Than 4,000 Artists Into Its New NFT Platform<\/em><\/strong><\/a><\/p>\n
Featured image from nippon.com, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Over 180,000 Ethereum (ETH) tokens have been pulled out\u00a0from centralized exchanges in the last 24 hours, as traders seek to preserve their cryptocurrency in expectation of bullish price action. According to a March 18 tweet from crypto market analysis site IntoTheBlock, more than\u00a0$500 million worth of Ethereum was withdrawn on March 16 across a number of different CEXs (including Binance, Kraken, and Crypto.com). Given that the price of one ETH was $2,590.40 on the date of the analysis, the value of the tokens withdrawn was more than half a billion dollars, the highest withdrawal of the year. Ethereum Outflows A Bullish Sign According to the company, this figure reflects the greatest aggregated exchange withdrawal of ETH since October of this year. At the time, total ETH withdrawals coincided with a 16% increase in the cryptocurrency’s price during a ten-day period. Ethereum is the second-largest cryptocurrency in terms of market capitalization, behind\u00a0Bitcoin. Related Article | Apple Co-Founder Steve Wozniak \u2018Feels\u2019 Bitcoin Will Be Worth $100,000 It\u00a0is a decentralized computing\u00a0platform capable of running a broad range of applications, including a plethora of decentralized finance (or DeFi) apps and services. On the Ethereum blockchain, everything from financial tools and games to complicated databases is already functioning. And its future possibilities are only constrained by developers’ ideas. As the Ethereum Foundation, a non-profit organization, puts it: “Ethereum is more than just a payment system. It’s a marketplace for financial services, games, and applications that cannot steal\u00a0your data or censor you.” Ether investors are having a difficult time in 2022, with ETH down 25% year to date as of March 17. Nonetheless, the cryptocurrency has recovered many times in the last couple of months near $2,500, indicating a strong support level. Since then, ETH has risen to $2,934 as of March 19. ETH total market cap at $351.68 billion on the daily chart | Source: TradingView.com Blockchain To Proof Of Work Tim Beiko, developer of the Kiln testnet \u2014 formerly Ethereum 2.0 \u2014 reported on March 15 that the Ethereum “Merge” had been successfully completed. The procedure entails separating Ethereum’s Execution Layer from the existing proof-of-work layer and combining it with the Beacon Chain’s Consensus Layer. The ultimate objective is to convert the blockchain to a proof-of-stake network. Meanwhile, ETH has increased by 18% over the last week, making it the only top-10\u00a0cryptocurrency by market cap to notch\u00a0double-digit percentage gains, aside from Avalanche (AVAX). Ethereum Market Cap Swells The announcement of Ether’s largest outflow came just one day after Finbold reported on Ethereum’s market capitalization increasing by more than $20 billion in a week. As of Saturday, the market cap of the second biggest crypto was $350.65 billion, CoinMarketCap data show. Related Article | Ripple Welcomes More Than 4,000 Artists Into Its New NFT Platform Featured image from nippon.com, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":486416,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,83362,13625],"tags":[6664,8323,85698,1946],"class_list":["post-486415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-eth","category-ethereum","tag-crypto","tag-eth","tag-eth-outflows","tag-ethereum"],"acf":[],"yoast_head":"\nEthereum Sees Biggest Exchange Withdrawals This Year - A Bump In ETH Price In The Offing?<\/title>\n<meta name=\"description\" content=\"Over 180,000 Ethereum (ETH) tokens have been pulled out\u00a0from centralized exchanges in the last 24 hours, as traders seek to preserve their cryptocurrency\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/ethereum-sees-biggest-exchange-withdrawals-this-year-a-bump-in-eth-price-in-the-offing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Sees Biggest Exchange Withdrawals This Year - 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Sees Biggest Exchange Withdrawals This Year – A Bump In ETH Price In The Offing?","url":"http:\/\/wncen.com\/news\/ethereum-sees-biggest-exchange-withdrawals-this-year-a-bump-in-eth-price-in-the-offing\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum-sees-biggest-exchange-withdrawals-this-year-a-bump-in-eth-price-in-the-offing\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/Ethereum-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/Ethereum-1.jpg?fit=1280%2C798"},"articleSection":"ETH","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","eth","eth outflows","ethereum"],"dateCreated":"2022-03-19T08:28:47Z","datePublished":"2022-03-19T08:28:47Z","dateModified":"2024-06-11T14:18:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Sees Biggest Exchange Withdrawals This Year – A Bump In ETH Price In The Offing?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum-sees-biggest-exchange-withdrawals-this-year-a-bump-in-eth-price-in-the-offing\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum-sees-biggest-exchange-withdrawals-this-year-a-bump-in-eth-price-in-the-offing\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/Ethereum-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/Ethereum-1.jpg?fit=1280%2C798\"},\"articleSection\":\"ETH\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"eth\",\"eth outflows\",\"ethereum\"],\"dateCreated\":\"2022-03-19T08:28:47Z\",\"datePublished\":\"2022-03-19T08:28:47Z\",\"dateModified\":\"2024-06-11T14:18:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/Ethereum-1.jpg?fit=1280%2C798","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/486415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=486415"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/486415\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/486416"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=486415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=486415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=486415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}