Ethereum co-founder crashes major cryptocurrencies after $ 1 million transaction

On Monday, August 21, it became known that the creator of Ethereum, Vitalik Buterin, made a large deposit to the Coinbase crypto exchange. According to etherscan, an analytical resource that scans the Ethereum blockchain, the father of the leading altcoin deposited 600 ETH. This is equivalent to $ 1 million in cryptocurrency.

Buterin made a large transaction at a time when ethereum, the second largest cryptocurrency by market capitalization, fell by 10% in a week. The major altcoin’s slump is part of a global market downturn that has seen traders liquidate digital assets totaling more than $ 1 billion.

On Monday evening, the major cryptocurrencies plummeted in price, while altcoins showed minimal fluctuations. This happened as the markets began to regain stability after a significant liquidation of cryptocurrencies, which was one of the largest in recent months.

According to CoinMarketCap, at the time of writing, ETH is trading at $ 1,638 with a market capitalization of $ 200.22 billion. Traders made daily trading deals worth $ 4.7 billion. Ethereum’s market share is 18.8%.

Earlier, Vitalik Buterin recommended that the flagship cryptocurrency should not be afraid of experiments. The Ethereum co-founder said: «It seems to me that if we want bitcoin to become more than just a means of payment, we need to consider scaling opportunities such as Plasma or ZK Rollups. Both of these have been successfully tested on Ethereum. Optimism and Arbitrum are two examples of successful rollups (a Layer 2 protocol on Ethereum) that can serve as a model.»