Why Ethereum is Dumping Harder Than Bitcoin?

Share This Post

Bitcoin has been Nearly Silent for Almost a Month and Bitcoin Has been trading between $28,000 – $32,000.

Bitcoin, currently trading at $28,700 and is down around -4% approximately. While Ethereum on the other hand is Trading at $1577 and is down around 11% over the past 24 hours.

The Reason Behind Ethereum Dump is That Yesterday, Alameda Research completed a single transaction in which they sold around 50,000 stETH. Just a few more days will pass until CelsiusNetwork’s liquid assets are depleted completely.

While this Caused Panic in the Market which led to the More selling Causing the Dump

Lido Finance Addressed the community – “In the past month a number of events have worked to destabilise the stETH:ETH exchange rate, including the Terra collapse, market-wide deleveraging and now withdrawals from larger lending platforms”