FTX Hacker Swaps 29.7k BNB; Becomes 31st Largest Eth Holder

FTX hacker swaps 29.7k BNB, after FTX, a cryptocurrency exchange faces a massive hit of a $600 million hack on Friday. Amid the ongoing liquidity crisis as per today's report, the FTX hacker becomes the 31st largest Eth holder.

Timeline of Bnb, Ethereum

Former Goldman Sachs executive Raoul Pal says one of Ethereum's (ETH) top rivals offers a big opportunity to investors after a price fall. In a new strategy session video, the macro guru tells his 52,800 Youtube subscribers that Solana (SOL) has a lot working in its favor to ignite an eventual bull run.

The price of Binance coin (BNB) has fallen to $266.46 today, representing a 2.5% drop in 24 hours. However, its current level marks a slight rise of 1% for the last seven days, with the exchange utility token having been affected by the ongoing FTX collapse.

Following the Ethereum Merge, staking ETH became a key component of the blockchain. However, the timeframe in which stakers would be able to withdraw has been completely obfuscated.

Wednesday sparks bright information to the DeFi ecosystem as Starkware announced that StarkNet's ERC20 token contract is deployed on the Ethereum mainnet. The foundation will need some time to decide how to distribute its tokens.

The Ethereum price is currently in the red, along with the wider crypto markets, as the market continues to deal with the knock-on effects of the FTX collapse. However, recent price action suggests that bulls are looking for a 30% move to the upside.

What happened: On Tuesday a total of 1,933.58 Ether (CRYPTO: ETH) worth $2,351,924, based on the current value of Ethereum at time of publication ($1,216.36), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Ethereum whales begin coin distribution as alt's price continues to fall. Most ETH holders have held at a loss since the FTX collapse, and investors have since lost conviction of any positive price growth in the interim.

Following FTX's demise, Ethereum and the whole cryptocurrency industry in general experienced one of its most challenging periods. Because of this, the value of ETH, a significant alternative currency, has plummeted by over 36% in the last week.

 BNB's price fails to hold amidst market turmoil as the price falls back to its key support zone with a range-bound movement.  BNB's price continues to show strength after a bearish downtrend with the market's current state, as things look uncertain for most traders and investors.

Ethereum price analysis is bearish today as we have seen a decline from the $1,275 resistance and a drop back to $1,200 support. Therefore, we expect ETH/USD to drop further overnight and break past the $1,200.