Bitcoin, Ethereum, Dogecoin Drop After Vitalik Buterin Transfers ETH Worth $1M To Coinbase: Analyst Warns BNB Is Casually Dragging Down Entire Crypto Market – USData (OTC:USDC), Coinbase Glb (NASDAQ:COIN)

Major cryptocurrencies experienced a decline on Monday evening, while altcoins displayed minimal price fluctuations. This occurred as the markets appeared to regain stability after a significant liquidation event, which stands as one of the largest in recent months.

What Happened: Ethereum co-founder Vitalik Buterin made a significant deposit to crypto exchange Coinbase on Monday. According to data from the Ethereum blockchain scanning website etherscan, Buterin deposited 600 ETH which is valued at approximately $1 million in cryptocurrency. 

This move comes at a time when ether, the second-largest cryptocurrency by market capitalization, has experienced a 10% decline over the last seven days. This decline is part of a wider market downturn, resulting in traders witnessing liquidations totaling $1 billion.

Coinbase (NASDAQ:COIN) is set to acquire a minority stake in Circle Internet Financial while also dissolving their Centre Consortium partnership, which previously facilitated the issuance of USD Coin (CRYPTO: USDC), the world’s second-largest stablecoin. 

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Currently, the global crypto market capitalization stands at $1.05 trillion, a 0.80% decrease in the last day.

The Nasdaq Composite ended its four-day losing streak on Monday, defying rising Treasury yields that haven’t been seen in over a decade. It surged 1.6%, marking its largest one-day advance since July 28 when it rallied 1.9%. Meanwhile, the S&P 500 climbed by 0.69%.

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Analyst Notes: Crypto analyst Michael Van De Poppe said “BNB [is] casually dragging the entire crypto markets down. Brings memories back from last year, when SBF was chasing a big ETH liquidation at $800.”