Ethereum (ETH) has dropped over 8% in the last 24 hours, from $3,100 to $2,900.
The recent drop is partly due to Genesis Trading’s transfer of 256,775 ETH as part of its bankruptcy proceedings.
Ethereum (ETH), the second-largest cryptocurrency by market cap, has fallen below $3,000 for the second time in the past 30 days, mirroring global market concern and significant sell-off pressure in the crypto ecosystem.
Today’s 8.41% decline in ETH comes as Genesis Trading, a major player in the crypto market, has moved $521 million in Ethereum (256,775 ETH) and $1.1 billion in Bitcoin (32,256 BTC) to various addresses. This move is part of the company’s bankruptcy proceedings, which involve repaying creditors. Genesis Trading, which filed for bankruptcy in January 2023 due to mismanagement of funds linked to the Gemini Earn program, was granted court approval in May to liquidate $3 billion worth of assets to repay affected customers.
The global crypto market is already under
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