Ethereum Dumped hard on Bitfinex, Shorts at All Time High

In a day with red everywhere, Ethereum, in particular, was dumped hard on Bitfinex in one hour. the price dropped from $574 to as low as $492.

The price of Ethereum has picked back to $539 currently which is still a drop over 6% from yesterday.

Bitfinex Charts:

Source: TradingView

This dump may have been from any of the ICO Projects but is most likely caused by EOS. The price on Bitfinex reached a low of $492 whereas it didn’t drop below $500 in other exchanges. The volume on Bitfinex has been the highest (Over $250 Million) followed by OKEx.

Recently EOS had spent over 1 Million Eth and they have 200000 more in their Crowdsale wallet. They are said to have over a million Ether in total. It won’t be a surprise to see them selling more Eth in the next few days ahead of their Mainnet launch.

$250 Million worth Tether was printed about a week ago. Guess its Time to put on some Tin Foil Hats.

Volumes in various exchanges today:

Source: CoinmarketCap

Binance introduced EOS/USDT pairing today and over $77 Million was traded just exceeding EOS/BTC market.

The futures market on Bitfinex also saw an All-time high of Ethereum shorts since its Inception with around 190000 shorts. The reason behind this is however unknown as there has been no news regarding the SEC or CFTC regarding Ethereum being a Security.

Source: TradingView

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