Will Cardano Price Fall as China Sell $1.3 Billion of PlusToken ETH?

Cardano’s ($ADA ) price could fall 30% to $0.23 if China sells $1.3 billion worth of Ethereum ($ETH ) from the PlusToken scam. In recent days, around 7,000 ETH left over from the PlusToken scam were transferred to centralized exchanges, indicating an intent to sell.

The PlusToken scam collected 830,000 ETH ($1.984 billion) at its close. These assets have largely remained dormant, but some were sold in the summer of 2021 by sending them to a little-known exchange called Bidesk. Over the last 24 hours, 15,700 ETH was transferred from known addresses, and 7,000 ETH was sent to Binance, Bitget, and OKX exchanges.

Since #ETH🔥🔥🔥🔥 is the backbone of many decentralized finance (#DEFİ ) platforms and applications, a drop in ETH price could affect the performance and stability of these platforms. Cardano has a high correlation with ETH, especially in the last 90 days, ranking second only to Polkadot.

The Pearson correlation coefficient is 0.8, indicating that ADA’s price is significantly affected by ETH’s volatility.

Over the last 24 hours, ADA’s price has fallen by 1.9% to $0.3395. If ETH sells off, it could have a significant impact on #ADABullish and other altcoins.

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