By Mark Ackman
In the past 24 hours, the trading price of Ether (ETH) has experienced a 7% plunge. It happened because the hacker who drained FTX’s wallets allegedly sold the ETH in his possession for Bitcoin (BTC).
ETH Sold for BTC
The ETH community was shocked to see the trading price of the asset move in a negative direction. However, it was something that was neither anticipated by the analysts nor the technical indicators.
Just as the FTX exchange faced the crash, its wallets were exploited by a hacker or a group of hackers. They reportedly gained access to a large number of ETH that they have continued moving since the exploit.
Just recently, the hacker group made a move that worked negatively for Ethereum. The group sold ETH and with the money generated from selling ETH, the hackers bought BTC.
The hackers simply swapped ETH for BTC and as a result, the trading price of ETH experience a 7% plunge in the recent trading session.
Data from PeckShieldAlert
The data shared by PeckShieldAlert, a blockchain tracker, has revealed exactly what the hackers did throughout the weekend.
The hackers reportedly used the ETH and swapped them for Bitcoin. The Bitcoin they used to carry out the swap was renBTC. Later, they swapped the particular tokens for Bitcoin.
Data from Etherscan
The data shared by Etherscan showed the wallet of the hacker reportedly experienced a huge reduction of ETH following the activity.
Prior to the activity, the total number of ETH stored in the hacker’s wallet was 250,735. After the transaction, the number of ETH dropped to 185,735.
Pressure on Ether
Following the transaction, a great amount of pressure has been exerted on the trading price of ETH. Due to the transaction, the trading price of ETH ended up breaking the $1,200 barrier and moved lower.
The trading price of ETH traveled as low as $1118.64. This is a new low price the trading price of ETH has hit in the month of November so far.
At the time of writing, the trading price of ETH is around $1,117. The weekly losses that the price of ETH has suffered are 8%. From the start of the year until now, the value of ETH has suffered a 75% plunge.
What is Keeping ETH Market Up?
Although many negative factors have acted as obstructions for ETH, the adoption of ETH in the NFT sector has helped it keep its head high.
Due to the NFT market, the value of ETH has suffered major losses and has not dipped below $1,000. A look at the NFT data shows that the sales in the sector have surged 16% in the past 24 hours.