Ethereum

Uniswap

April

Foundation

USDC

<div class="coinjournal">
 <ul class="decimal_type">
  <li>The swap was done on Uniswap.</li>
  <li>Ethereum (ETH) had dropped 1.64% at the time of writing to trade at $1,593.66.</li>
  <li>Ethereum Foundation’s significant holdings of Ether influence market dynamics despite its decentralized nature.</li>
 </ul>
 <p>The Ethereum Foundation, a key player in the development and ecosystem of the Ethereum network, sold a portion of its allocated Ether (<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>) tokens. A wallet identified as “0x9eE457023bB3De16D51A003a247BaEaD7fce313D,” labelled as a “Grant Provider” on blockchain tracker Etherscan, executed a swap of over 1,700 <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> for $2.7 million in USDC on the Uniswap decentralized exchange.</p>
 <h2 id="market-reaction-and-impact">Market reaction and impact</h2>
 <p>The sale of <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> tokens by the Ethereum Foundation triggered a reaction in the cryptocurrency market.</p>
 <p>Ether’s price dipped by approximately 1.5% within a few hours, and over the subsequent 24-hour period, the drop extended to 1.8%. This event led to a temporary slump in the value of Ether and affected other major tokens as well.</p>
 <h2 id="ethereum-foundation-s-holdings">Ethereum Foundation’s holdings</h2>
 <p>As of April 2022, the Ethereum Foundation held a substantial amount of <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>, valued at nearly $1.29 billion, representing roughly 0.297% of the total Ether supply at that time. Additionally, the foundation had approximately $300 million in non-crypto investments.</p>
 <p>While the Ethereum Foundation does not govern the Ethereum blockchain, its actions can significantly influence token prices and impact investor and developer sentiment within the Ethereum ecosystem.</p>
 <p>The Ethereum Foundation plays a crucial role in funding and supporting the development of applications and programs on the Ethereum network. While it is not a centralized authority, its activities are closely watched by the crypto community due to its historical significance and impact on the Ethereum ecosystem.</p>
 <p>This recent sale is part of the Ethereum Foundation’s periodic token sales to cover operational costs and support ongoing development efforts.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ethereum-foundation-swaps-ether-worth-2-7-million-eth-dips-tbt65639.html">https://thebittimes.com/ethereum-foundation-swaps-ether-worth-2-7-million-eth-dips-tbt65639.html</a></p>

Ethereum Foundation swaps Ether worth $2.7 Million, ETH dips

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TheBitTimes

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