Whale Moves Chunks of Ether Hoard

Important Ethereum Cryptocurrency News

Ethereum Developers Agree to A Fork Every 8 Months

An August 24 meeting of Ethereum core developers held on YouTube has resolved that the network’s planned hard fork for Constantinople still has some work to be done to avoid consensus issues.

The meeting which was mainly to ascertain the progress of the client implementation and tests of the Enterprise Integration Pattern (EIP) of the upcoming hard fork has some developers pro[pose that it is better to have the fork released as scheduled with fewer changes than make many changes and have the fork delayed.

ETH Price

Whale Moves Chunks of Ether Hoard

A California-based attorney, Zoe Dolan who has been monitoring the movement of ether from the Ethereum Genesis Block recently revealed that a wallet holding 213,000ETH has moves a chunk of that crypto to Bitfinex. Dolan said that the whale behind the wallet moved 20,000ETH as part of a transaction that totaled 93,000ETH.

The fund worth $5.5 million as at the time of reporting is not the first time the whale has been sighted moving ETH. Dolan said that the same wallet moved 116,000ETH in May when the coin was valued at $573 generating approximately $65 million for the whale who was an early investor in the Ethereum ICO.

What is not obvious is what impact the coin movement has had on the price of the Ethereum which is currently trading below $280.

The decline in the value of ether has been attributed to ICO projects that are mainly built on the Ethereum network’s ERC20. It is suspected that most of the project teams are liquidating their ether holdings to avoid losing too much of their project funds in the face of the bear market.

What is now apparent is that it is not only project teams liquidating ether and bringing bear pressure on the spot market. When whales move funds, the spot market also takes note.

ETH/USD Price Chart, Sunday August 26th:

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