The price of Bitcoin and Ethereum both dropped on Monday, with Ethereum seeing a larger drop of 5%. A whale moving a large amount of Ethereum (73,224 ETH, worth $85.7 million) to Binance was noted by Lookonchain, who said in a tweet that Ethereum could experience selling pressure. The price of ETH immediately dipped 0.3% following the tweet. Matt Aaron, project lead at cielo.finance, said the move by the ETH whale might be to stake Ethereum.
BlockFi, a crypto company, announced that it was filing for bankruptcy. This follows the collapse of crypto exchange FTX, and BlockFi will slash even more staff. BlockFi is the latest in a long line of crypto companies to get hit with contagion following the collapse of crypto exchange FTX.
The market was already rattled by uncertainty about China. The world’s second-largest economy has been hit by protests against the government’s zero Covid-19 policies. Global stocks dropped when markets opened Monday. Bitcoin typically has followed the U.S. stock market this year. “The price of Bitcoin continues to be volatile in this uncertain environment of rising interest rates, increased geopolitical tensions, and amidst the blowups of various centralized exchanges and lenders in the broader cryptocurrency ecosystem,” lead analyst at Swan Bitcoin Sam Callahan told Decrypt.