Ethereum Founder Vitalik Buterin Transfers $1M to Coinbase

Ethereum Founder Vitalik Buterin Transfers $1M to Coinbase

The co-founder of Ethereum Vitalik Buterin transferred 600 ETH ($1,000,000) to the coinbase on 21 August. On 20 August, Buterin returned the RAI and $1.6million worth of  Ethereum withdraws from his account (RAI is the stablecoin which is linked with Ethereum). This action is a big deal in the cryptocurrency world because Vitalik Buterin is the most important person in blockchain technology.

People in the cryptocurrency world talk and guess about it, they think why he did it because Vitalik has not said why he transferred Ethereum. Buterin moves some Ethereum from his wallet but according to Ether scan he still holds about $6.5 million Ethereum. 

Read Also: Who Created Ethereum Cryptocurrency Blockchain?

What does the Ethereum transfer mean amidst a bearish market?

Whenever the founder of Ethereum Buterin moves their Ethereum token from his wallet then may be the price of Ethereum fall down. We don’t know why he moves his token, it may be possible he moves their tokens for one time sale. Experts of this market have said that Ethereum dropped its value which is between $1,550 & $1,600.

All the cryptocurrencies’ values fell down 10% in the past week. Now, the worth of all combined cryptocurrencies is around $1.05 trillion. The value of coinbase also fell 9% in the past week and the worth of coinbase is $73.9 per share. 

Read Also: Vitalik Buterin Confirmed X Account Hacked by SIM-Swap Attack

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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