Ethereum’s value has risen to $3,000 after the ETH Foundation transferred a total 21,000 ETH over the last two months into its Gnosis Safe Proxy internal address.
The following is a list of data From crypto.news, the ETH (ETHOn July 11,, ) hit a record high. The market capitalization of the second-largest cryptocurrency has now surpassed $3,000 Last time ETH exceeded $3,000, it was in February. It then fell into a prolonged slump lasting well into July.
On 11 July, at 6:30 am UTC ETH climbed back up to a high of $3 019. The price settled at around $3,000 before a small correction brought it to $2,990 around 7:00 am UTC.
At the time of publication, ETH had risen by 6.6% over the last 24 hours. The token’s current price is $2,987. The token is now up 16.8% over the past seven days and by 22% for the past two. Daily trading volume increased by 62.9% from the previous day. The recent increase in trading activity is reflected by this.
Ethereum Foundation moves ETH about
Earlier today, on-chain monitoring firm PeckShield reported The Ethereum Foundation, in just two months has transferred 21,000 ETH, or about $62.8 million to an address within the organization. The address transferred a quarter of this chunk, which is approximately 7,000 Ethereum or $20.9 million to a new address.
The third address then swapped the 1,210 USDC for ETH (USDCIn the last 24 hours, a total of $3.5 Million was spent.
Many traders reacted badly to the transfer and accused the ETH Foundation dumping their own native token. Some traders defended EF by stating it is part of their new treasury policies.
“A lot of FUD going on right now about the Ethereum Foundation selling ETH, don’t believe it!” “Said a trader who goes by the X handle, @digitalartchick.
“The Ethereum Foundation uses it’s 200K ETH treasury to participate in DeFi and generate yield, they do not sell ETH anymore since the leadership change this year,” Continued in the post.
Earlier in the month of June, Ethereum announced that a new treasury plan would be implemented. This would involve the Foundation selling ETH more regularly to keep a reserve. Also, it would be expanding its DeFi and Staking deployments.
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Source: crypto.news
