Ethereum (ETH) Dips 5% After The Ethereum Foundation Sells $30M In Ether, Collateral Network (COLT) Surges 40% In Presale

While Ethereum (ETH) experiences a 5% dip following the Ethereum Foundation’s sale of $30M in Ether, Collateral Network (COLT) is making waves with a 40% surge during its presale phase. As the market reacts to these developments, investors are keeping a keen eye on Collateral Network’s potential for growth.

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The Fallout from the Ethereum Foundation’s $30M Ether Sale

This May, the Ethereum Foundation sent a huge amount of Ether — estimated to be worth $30 million — to the Kraken exchange, which caused concerns in the market about a potential selloff. The price of Ethereum (ETH) declined by almost 5% to $1,900 on that day, with a further drop to the current price of $1,828.

Traders may consider a support confluence created by a multi-month ascending trendline and the 200-day EMA around $1,700 as a potential downside target if the price falls beneath the 50-day Exponential Moving Average (EMA).

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In November 2021, the Ethereum Foundation made a significant transfer of 20,000 ETH when the price reached a peak of approximately $4,850. However, the price declined by 80% thereafter.

Similarly, in May 2021, the Ethereum foundation sold 35,053 ETH when the market was at a local top of around $3,500. It appears that the foundation tends to sell at what later turns out to be the highest price points.

Nevertheless, there is limited evidence to suggest that the Ethereum Foundation’s sales have a direct impact on the overall price trend of Ethereum. Rather, it is more likely that the broader economic factors are currently shaping the market sentiment and direction.

For instance, the cryptocurrency market is heavily influenced by the U.S. banking crisis and the potential consequences this might have on the Federal Reserve’s decision-making, including whether they will halt interest rate hikes and consider rate cuts.

Collateral Network Surges 40% in Presale

Collateral Network is gaining significant attention in the decentralized lending space due to its innovative approach to asset-backed loans and the potential for high returns on investment. With a current presale price of $0.014 and a 40% deposit bonus, investors are attracted to the potential for up to 35x returns.

Collateral Network is a lending platform that offers capital to anyone who has a physical asset to use as collateral. Collateral Network’s uniqueness stems from its use of NFTs to represent borrowers’ collateral, allowing multiple lenders to contribute to a single loan and improving overall market liquidity.

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By leveraging smart contracts, Collateral Network automates loan procedures, removing the need for human intervention and reducing administrative fees. This means that borrowers no longer need to deal with time-consuming paperwork or wait for lengthy approval procedures before accessing the funds they need.

Collateral Network (COLT) could achieve a billion-dollar valuation if it captures just 0.1% of the trillion-dollar lending industry. As such, investors are quickly flocking to grab discounted COLT tokens during the Collateral Network presale before COLT hits major exchanges later this year.

For more information on Collateral Network visit the website, join the presale or join the community for regular updates.

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