The value of Bitcoin and Ethereum suddenly fell

Over the past week, many digital currencies have been systematically strengthening their positions, but on the evening of March 6, most cryptocurrencies faced clear pressure from sellers. The total capitalization of the digital asset industry decreased by 2.6%. The market also saw a massive liquidation, estimated at $ 182 million.

Bitcoin quotes at the moment fell below $ 28.5 thousand, while the asset lost about 5% per day. As for Ethereum, the coin failed to gain a foothold above $ 2000. Over the past 24 hours, the main altcoin has dropped by 7%. According to experts, the main reason for the market sell-off was the actions of the Ethereum Foundation.

It became known that the organization sold about 15 thousand ETH coins for a total of $ 30 million. Such a massive sale by the Ethereum Foundation took place for the last time at the end of 2021. At that time, the main altcoin dropped in price by more than 40% in just 2 months.

Representatives of Santiment reported that the flow of ether to centralized platforms reached a multi-month high. Experts note that this may be an indirect sign of a future increase in volatility. According to analysts, despite a certain drawdown, the main altcoin still retains the potential to further strengthen its position.

As of the morning of May 7, the cryptocurrency sector has somewhat recovered its position.