Due to the current bear market conditions, Ether (ETH) price has fallen nearly 20% in the last 24 hours. With it trading around $1,200, many crypto investors are bracing for an even bigger drop. This has already happened for a short time on the decentralized exchange (DEX) Uniswap. Investors were shocked to find that the price of the popular cryptocurrency had fallen to $950 after a whale dumped about 65,000 ETH on the market.
How did ETH fall below $950?
Crypto Twitter was the first to notice that the cryptocurrency price had fallen below the $1000 mark. According to Angel Investor and Ethereum Project Advisor Mariano Conti, This happened because an investor sold 65,104 ETH. Supposedly, they did this to pay off debt and reduce their risk. The investor transferred funds from a vault on DeFi app Oasis and used DeFi lending platform MakerDAO to sell the crypto.
By moving such a large amount of crypto, the investor triggered the drop below $1000. Not only that, but the investor only received $1,156 per ETH. They then sold ETH for dollar-pegged stablecoins. In addition, the investor had to pay around $152,000 in fees to Oasis.
The saga didn’t stop there. Just hours later, the same investor sold another 27,947 ETH at $1,181 per ETH. It’s safe to say that the investor made a significant loss considering the cryptocurrency was valued at around $1,335 when it was first purchased, according to Oracle.
The current value of the cryptocurrency
At the time of writing, ETH is worth $1,165.68. This is significantly lower than its all-time high of $4,892 set in November 2021. Despite these low levels, many still see the bear market as a time for opportunities and future investments.