Ethereum (ETH) Dips 5% After The Ethereum Foundation Sells $30M In Ether, Collateral Network (COLT) Surges 40% In Presale

While Ethereum (ETH) experiences a 5% dip following the Ethereum Foundation’s sale of $30M in Ether, Collateral Network (COLT) is making waves with a 40% surge during its presale phase. As the market reacts to these developments, investors are keeping a keen eye on Collateral Network’s potential for growth.

BUY COLT TOKENS NOW

The Fallout from the Ethereum Foundation’s $30M Ether Sale

This May, the Ethereum Foundation sent a huge amount of Ether — estimated to be worth $30 million — to the Kraken exchange, which caused concerns in the market about a potential selloff. The price of Ethereum (ETH) declined by almost 5% to $1,900 on that day, with a further drop to the current price of $1,828.

Traders may consider a support confluence created by a multi-month ascending trendline and the 200-day EMA around $1,700 as a potential downside target if the price falls beneath the 50-day Exponential Moving Average (EMA).

BUY COLT TOKENS NOW

In November 2021, the Ethereum Foundation made a significant transfer of 20,000 ETH when the price reached a peak of approximately $4,850. However, the price declined by 80% thereafter.

Similarly, in May 2021, the Ethereum foundation sold 35,053 ETH when the market was at a local top of around $3,500. It appears that the foundation tends to sell at what later turns out to be the highest PRice points.

Nevertheless, there is limited evidence to suggest that the Ethereum Foundation’s sales have a direct impact on the overall PRice trend of Ethereum. Rather, it is more likely that the broader economic factors are currently shaping the market sentiment and direction.

For instance, the cryptocurrency market is heavily influenced by the U.S. banking crisis and the potential consequences this might have on the Federal Reserve’s decision-making, including whether they will halt interest rate hikes and consider rate cuts.

Collateral Network Surges 40% in Presale

Collateral Network is gaining significant attention in the decentralized lending space due to its innovative approach to asset-backed loans and the potential for high returns on investment. With a current presale price of $0.014 and a 40% deposit bonus, investors are attracted to the potential for up to 35x returns.

Collateral Network is a lending platform that offers capital to anyone who has a physical asset to use as collateral. Collateral Network’s uniqueness stems from its use of NFTs to represent borrowers’ collateral, allowing multiple lenders to contribute to a single loan and improving overall market liquidity.

BUY COLT TOKENS NOW

By leveraging smart contracts, Collateral Network automates loan procedures, removing the need for human intervention and reducing administrative fees. This means that borrowers no longer need to deal with time-consuming paperwork or wait for lengthy approval procedures before accessing the funds they need.

Collateral Network (COLT) could achieve a billion-dollar valuation if it captures just 0.1% of the trillion-dollar lending industry. As such, investors are quickly flocking to grab discounted COLT tokens during the Collateral Network presale before COLT hits major exchanges later this year.

For more information on Collateral Network visit the website, join the PResale or join the community for regular updates.

Find out more about the Collateral Network PResale here:

Website

Presale

Telegram

Twitter

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views exPRessed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

-Advertisement-

Comments

Post a Comment

Popular posts from this blog

CleanSpark’s Bitcoin mining capacity hits 8 EH/s as new facility goes live

Image
The Bitcoin mining company kicked off the second phase of its mining campus in Georgia, gearing up for the next Bitcoin halving. Bitcoin miner CleanSpark has begun the second phase of operations at its mining campus in Washington, a city in the U.S. state of Georgia, reaching 8.0 exahashes per second (EH/s), halfway to its year-end target of 16 EH/s.  The second phase saw an investment of nearly $55 million in the site, including construction, infrastructure and machines. The facility , bought in August 2022 for $25.1 million, had 15,000 mining machines with a power capacity of 50 megawatts (MW). According to the company, the capital deployed expands its total power capacity to 86 MW. “Today, it’s 50 megawatts of new power added on to the 36 megawatts we previously had constructed there. So, there’s 86 megawatts, or 12 times the load provided by the city," said Matthew Schultz, CleanSpark’s executive chairman, during an investors' conference on July 13. According to Schu...
Read more

Tether bitcoin mine branded 'fake' after X users spot edited logos

Image
A recent tweet from Tether CTO Paolo Ardoino in which he claims work on one of the company’s new sustainable bitcoin mining projects is “coming along well” has given rise to a curious new conspiracy theory. The tweet featured what at first glance looked to be an innocuous image of a number of shipping containers that had apparently been converted hold crypto miners. However, it didn’t take eagle-eyed viewers long to spot that something wasn’t quite right — namely that the Tether logos on the side of the containers looked Photoshopped. This led to speculation that not only were the logos fake, but the site itself was a fabrication . One of #Tether energy production and #Bitcoin mining sites coming along well. pic.twitter.com/6Z8o6A5OaE — Paolo Ardoino (@paoloardoino) August 24, 2023 “Is this a real Mining site owned by Tether ? Tether ’s logo looks poorly photoshopped, there. What’s going on?” wrote one, while another said, “lol you really trying to pass that off as...
Read more

Is Solana a Good Investment?

Image
Is Solana a Good Investment in the Crypto Market? ‍With the increasing popularity of cryptocurrencies, investors are constantly seeking opportunities to maximize their returns. Solana (SOL) has emerged as one of the most promising projects in the crypto market, known for its scalability, speed, and low transaction fees. In this article, we will conduct a comprehensive analysis to determine whether Solana is a good investment option for both short-term and long-term investors. Also read: Bitcoin: South Korean Lender Delio Plans To Sue Authorities Understanding Solana and its Potential Solana is a blockchain platform that aims to provide a fast and efficient infrastructure for decentralized applications (dApps) and digital assets. It differentiates itself through its unique consensus mechanism, Proof of History (PoH), which enables the network to process thousands of transactions per second. With its high throughput and low fees, Solana has gained significant attention ...
Read more