Anxiety and panic about Genesis and Barry Sibert’s DCG continues to rise in the market. Meanwhile, in the last 24 hours, a large amount of dormant Ethereum in contact with Genesis and Poloniex has been moved. The dormant addresses transferred 22,982 ETH to two new wallet addresses. Here is what happened in crypto money companies…
Contacted cryptocurrency wallet with Genesis is on the move
In a tweet on December 19, PeckShieldAlert revealed that 2 idle addresses transferred approximately 22,982 ETH worth 27.2 million to 2 new addresses. This Ethereum stands to be acquired from Genesis and Poloniex in 2016 and 2018 respectively. In addition, there is another information regarding the wallet in question. The last movement of Ethereum in wallet addresses was in October 2018. On-chain analytics platform Lookonchain also revealed that 2 addresses that had been idle for 5 years became active on Sunday. He reported that the wallets transferred 22,983 ETH. The two new addresses now hold around 13,105 ETH and 9,878 ETH respectively.
Old addresses are now only worth $57.32 and $25.81. Also, the new addresses only include Ethereum, which was transferred on Sunday. The movement of dormant crypto assets was mostly followed by the sale of these assets over the next few days. Ethereum price is currently trading at $1,182, down about 6 percent in a week. Negative market sentiment and Binance FUD led to massive sell-offs last week. Analysts believe that Ethereum price could rise from $1,070 to $1,300 again. It will also depend on Bitcoin holding the $16.5 anchor level.
DCG’s Genesis and Greyscale at risk
Last week, the crypto space saw selling towards Grayscale and DCG-related cryptocurrencies on the occasion. Altcoins offered as fund services on these platforms – cryptocurrencies such as Filecoin, Flow, Stacks, Livepeer, Ethereum Classic, Decentraland, and others have had huge sales. Crypto experts Andrew Parish and Adam Cochran noted that if DCG is selling its cryptocurrencies in small lots, it could be the early stage of DCG bankruptcy. Also, according to the expert, DCG can sell Grayscale’s GBTC and EETH. For this reason, according to the expert, Grayscale is indeed at risk of bankruptcy. According to Coinglass’s information, GBTC is trading with a discount premium rate of -48.79% and EETH with a discount premium rate of -52.58%.