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<div class="cryptonews">
 <p class="is-style-lead">The Ethereum Foundation — the non-profit organization dedicated to supporting Ethereum Ethereum (ETH) and related technologies — announced it had sold 1,700 ETH for USD Coin (USDC).</p>
 <p>According to an Oct. 9 tweet by blockchain data service Scopescan, the Ethereum Foundation just sold 1,700 ETH for about $2.76 million of the USDC stablecoin. Further data from Arkham Intelligence shows that the exchange was an Uniswap transaction.</p>
 <p>As of press time, CoinMarketCap data shows that Ethereum’s price fell by 0.56% over the last hour, 3.8% over the last 24 hours and 6.66% over the last seven days. While a clear causal link cannot be established the transaction was followed by a continuation of the recent fall of Ethereum’s price.</p>
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 <p>The transaction was met with alarm by some Twitter commentators and has been described as a bearish sign. On inspection, it is hard to think of a non-bearish reason why the Ethereum Foundation would decide to sell Ethereum for a stablecoin.</p>
 <p>Despite all of this, the official reasons may be much more innocent than anticipating a further Ethereum price slump. The organization may have arranged to pay in USDC for goods or services, or have another reason to need the stablecoin.</p>
 <p>The unexplained transaction were followed by the transfer of $3.23 million of USDC to Safe, previously known as Gnosis Safe Protocol. This is a decentralized custody service and asset management platform built on Ethereum.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ethereum-foundation-sold-1-700-eth-for-usdc-tbt65687.html">https://thebittimes.com/ethereum-foundation-sold-1-700-eth-for-usdc-tbt65687.html</a></p>

Ethereum Foundation sold 1,700 ETH for USDC

TheBitTimes

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