Although the Bitcoin Spot ETF initially had mixed results on the price, BTC is now reboundingand investors are looking for new places to speculate. Ethereum was next given the potential of an Ethereum ETF, but again news and price effects were mixed, until yesterday’s events with ARK invest and 21shares, which sent ETH up above $2400. Although short sellers lost out, many more Ethereum holders and longs benefited. So we take a look at what whales are doing with their profits.
Ethereum shows the short sellers the door
Crypto is always full of surprises, and after a rally in Ethereum, things cooled down again when the SEC announced that Ethereum Spot ETF approval dates are going to be delayed. In their unending but unsuccessful mission to shackle crypto, The SEC also said that Ethereum may have to be declared a security due to its Proof of Stake system as opposed to Bitcoin’s Proof of Work.
This depressed the market, causing prices to drop to below the psychological threshold of $2,200. And this is likely what led whales to open short positions on the price of Ethereum.
However, as of the 7th of Feb, both Ark Invest and 21shares have successfully amended their Ethereum ETF applications to be more in line with the Bitcoin ones. This news sent Ethereum and the entire market flying and over the last 24 hours, Ethereum has now crossed the psychological barrier of $2400, causing $17.2 million in liquidations, according to data from Coinglass.
Ethereum is currently changing hands at around $2,422, and the upward trajectory looks set to continue, with some predictions putting ETH over $4,000 by the end of the year.
Whales are honing in on a promising new project
If Ethereum reaches $4,800 then the coin will have made a solid 200% gain this year. This makes ETH a great potential hold.
But for those looking for bigger profits, they would do well to consider the whales who are investing into a new project still in presale – Meme Moguls. Presales and generally being early are what have made many cryptos whales today, with some getting in years ago when Bitcoin was just a few cents. Of course, at that point, it was a massive gamble, but the risk/reward ratio paid off for those who held it.
Some 13 years later, the crypto market is still young, but to get outsized returns new coins and presales are needed. Meme Moguls is attracting a lot of hype. It’s a community-based play-to-earn game in the making. One of the beautiful things about Meme Moguls is that ordinary traders and meme lovers can level up their crypto trading skills by playing, and earn rewards while doing so.
And really great traders (aka Moguls) can win prizes and monetize their strategies by sharing them with learners.
This is because the Meme Moguls game is a fantasy trading game for crypto, mixed with a meme-based game. People can collect exclusive memes as NFTs and then use them to level up their characters or sell them, making it easier to compete and do well on the Mogul leaderboard.
There are lots of other fun and novel things about Meme Moguls, which seems perfectly timed to unite crypto lovers as the market is on the up. Right now we have to wait and see how the app is as the project is still in development. The exciting part is that the coin is still in stage 5 of presale, and experts are predicting that a 1000% gain from here is not unlikely.
For more information about the Meme Moguls (MGLS) Presale:
Visit Meme Moguls | Join the Community
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Source: https://cryptodaily.co.uk/2024/02/breaking-news-ethereum-price-liquidates-172-million-in-shorts-as-ethereum-rises-where-are-whales-putting-their-profits