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Ether's massive sell-off could have been a 'single whale' dumping his life savings, Kraken CEO says

Posted On: Mar 4, 2021   |   Posted By: Business Insider

: A photo illustration of the digital Cryptocurrency, Ethereum, is seen on September 13 2018 in Hong Kong, Hong Kong.
Yu Chun Christopher Wong/S3studio/Getty Images
The massive selloff in ether witnessed by investors on Monday was not an error, CEO of cryptocurrency exchange Kraken, said.
Instead, "it could be that a single whale just decided to dump his life savings."
For roughly one minute, the price of the cryptocurrency plunged to around $700, from $1,628.82 just moments before.
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The massive selloff in the cryptocurrency ether on Monday was not an error, the CEO of crypto exchange Kraken, said. Instead, "it could be that a single whale just decided to dump his life savings." The second-largest cryptocurrency by market capitalization saw its price plummet by more than 50% on the exchange at the beginning of the week. "We're in the process of investigating," Kraken CEO Jesse Powell told Bloomberg on Tuesday. "There doesn't seem to be...

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