Ethereum has lost 20% of its value today, with it currently trading around $1,200. That’s a huge crash, but Uniswap users really got the shock of their lives. The Ether price dropped overnight to a price of $950 due to a flash crash.
A Huge Ethereum Sale on Uniswap
With the price of Ethereum down nearly 20% today, many crypto investors are bracing for a drop below the psychological $1,000. It has not come that far today on the regular crypto exchanges, but on the decentralized exchange called Uniswap.
A crypto whale dumped 65 thousand ethereum tokens on the market in one go, causing a huge flash crash on the exchange.
Many people immediately noticed that the price was significantly lower than the price on other exchanges, where the price was hovering around $1,300 at the time. However, it turned out to be a brief flash crash for Uniswap and the price recovered in line with the rest of the market. Apparently, the temporary drop in the Ethereum price was mainly caused by the huge token sale of the crypto whale.
$108 Million Dollars in ETH Sold
The transaction contained 65,104 ETH tokens that sold for an average price of $1,156. All told, that’s over $75 million. The Ethereum tokens were sold for dollar-pegged stablecoins, including DAI, USDC and USDT.
By selling such a large amount of ETH in a single trade, the seller made much less money than selling it in slow increments and on different exchanges. The real price was about $200 higher than what he sold the tokens for. The seller also paid nearly $152,000 in transaction fees with the transaction.
Just a few hours later, the same trader sold another 27,947 ETH at an average price of $1,181 each, which is another $33 million.
In the past 24 hours, Ethereum has lost nearly 20% of its price and is now around $1,220. The price is now 75% lower than its all-time high of nearly $4,892 as of November 2021.
