Ethereum Foundation Sells 1,700 ETH For $2.76M USDC Amid Increased Volatility
Portfolio Pulse from Mehab Qureshi
The Ethereum Foundation has converted 1,700 ETH into Circle’s USDC stablecoin, valued at approximately $2.76 million. The Foundation's holdings were disclosed in their April 2022 report, revealing that they possessed about 395,000 ETH. As per DeFiLlama data, the Ethereum Foundation currently holds 316,488 ETH, which amounts to a value of $502.7 million. Ethereum’s price dropped to $1,570, sparking increased polarizing discussions within the crypto community.
October 10, 2023 | 5:34 am
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POSITIVE IMPACT
The Ethereum Foundation's conversion of ETH into USDC could potentially increase the demand for USDC, impacting its short-term price.
The Ethereum Foundation's conversion of ETH into USDC could potentially increase the demand for USDC, which could positively impact its price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Ethereum Foundation's conversion of ETH into USDC and the drop in Ethereum's price could impact the short-term price of ETH.
The Ethereum Foundation's conversion of ETH into USDC indicates a potential lack of confidence in the stability of ETH, which could negatively impact its price. Additionally, the drop in Ethereum's price and the increased volatility could further drive down the price of ETH in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100