ETH plummeted by 20%, the founder of Sushi hit the plate to cash out, this year's new leek is a bit difficult
Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc), Compilation: Overnight Porridge, released with authorization.
Editor's Note: This article comes from
Babbitt Information (ID: bitcoin8btc)
, Compilation: Overnight Porridge, released with authorization.
On the evening of September 5th, Beijing time, the price of Bitcoin (BTC) fell below $10,000 again, marking the second consecutive day that Bitcoin has been at a key position, while other major cryptocurrencies, including Ethereum (ETH) fell nearly 20%.
As of now, the three possible factors leading to the sudden drop in the price of Bitcoin include miners, a strong dollar, and whales taking profits.
When the price of Bitcoin on the major exchanges suddenly fell to $9975, the leveraged platform BitMEX had liquidations of less than $40 million (typically, when large-scale price movements occur, it will result in $100 million or more). futures contract liquidation), the data in this regard show that the selling pressure comes from the spot market, and the possibility of retail investors starting to sell heavily above 10,500 US dollars does not seem to be high. Therefore, the main reason for the market crash may come from the acquisition Lee Whale.
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Over the past two weeks, the dollar has begun to show signs of recovery after four months of losses, while the euro has begun to fall over the same period.
Since bitcoin and gold are denominated in dollars, and many bitcoin traders are based in the United States, the appreciation of the dollar has some adverse effects on bitcoin.
Meanwhile, a drop in the price of another major cryptocurrency, ETH, may have amplified the downtrend. A well-known trader known as "Byzantine General" previously stated that if ETH effectively falls below $360, the next possible target is $290.
On September 5, after the price of ETH fell below the support level of $360, it fell to a minimum of $305 in the early hours of September 6.
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The founder of SushiSwap cashed out about 18,000 ETH, and the price of sushi tokens was cut in half
If the smashing of ETH is already very brutal, then the liquidity mining tokens sought after by "new leeks" can only be described as horrible.
On the evening of September 5, Chef Nomi, the anonymous founder and lead developer of SushiSwap, had exchanged some of the sushi tokens allocated to develop the SushiSwap ecosystem into 17,971 ETH. As of press time, these tokens were worth about 630 Ten thousand U.S. dollars.
According to Chef Nomi, after converting sushi tokens to ETH, he can stop caring about the price and focus on the migration. It is reported that SushiSwap plans to migrate the Uniswap LP tokens mortgaged in its contract to its upcoming platform on Sunday.
"People questioned if I ran away, I didn't, I'm still here, I'll continue to participate in discussions, I'll help with the technical part and make sure we have a successful migration," Nomi explained on Twitter.
According to Zippio's data, the value of deposits pledged in the SushiSwap contract has reached 1.1 billion US dollars. After the fact that the founder of SushiSwap cashed out, the price of sushi tokens began to plummet. The current market price is about $1.88, a drop of more than 50% from 24 hours ago.
In response, Kyle Samani, managing partner of Multicoin Capital, commented:
“The moment I saw Sushi, I realized it was a new mechanism with great potential, however his (Chef Nomi’s) actions were disgusting and should not be condoned. Looking forward to seeing DeFi move forward. "
