It is claimed that one of the most important reasons for the last major decline in the cryptocurrency market is Jump Crypto, one of the largest companies in the industry.
Onchain data shows that the company moves a large amount of coins to cryptocurrency exchanges, especially Ethereum (ETH).
This situation puts pressure especially on altcoins, and due to Bitcoin’s failure to remain strong, the entire cryptocurrency market market value has lost approximately 4% in the last 24 hours.
Jump Crypto was subject to an investigation by the CFTC regarding Terra (LUNA) in June. Then, the company’s Indian-origin CEO resigned. The company also has an investigation by the SEC.
The fact that the sales came at the weekend when liquidity was low caused volatility to increase in particular. Bitcoin price has lost the psychological limit of $60,000 and is trading at $58,432 at the time of writing.
On the Ethereum side, losses are heavier. ETH price has fallen 7% in the last 24 hours and is trading at $2,700 at the time of writing.
Table showing the ETHs that Jump Trading moved to Binance.
When Onchain data is examined, it is seen that Jump Trading has a total of $ 552 million in cryptocurrency assets on the Ethereum network. Approximately 520 million dollars of these are in their wallets as stablecoins.
On the other hand, it is known that Jump Trading also has a large amount of SOL coins in the Solana network. Since the wallet tagging network of block explorers on the Solana network is weak, the majority of the company’s wallets are unknown, resulting in the details of sales not being known.
*This is not investment advice.