They conducted an operation, in which they sent more than 35,000 ETH, to obtain liquidity and finance their developers. In 2018, there was a similar transaction, in which the foundation sold Ether at the top of the price range.
Before the recent crash in the cryptocurrency market, the Ethereum Foundation liquidated more than USD 120 million worth of Ether (ETH). The non-profit organization, which ensures the development of software for the smart contract network, sent more than 35,000 ETH to the Kraken exchange.
At the time, Ether reached a price of USD 3,500 and fell to around USD 2,200 per unit within two days. The operation served to obtain liquidity and finance their team of programmers.
Chinese researcher @WuBlockchain reviewed the transaction, recalling that a similar operation occurred in 2018 at the top of the price range. He also indicated that the treasury of “the Ethereum Foundation still holds 394,787 ETH.”
“Vitalik Buterin said that he had persuaded the foundation to sell 70,000 ETH at its 2018 peak price to support the developers. Although this is a normal operation, it also means that the Foundation anticipated an imminent bearish market,” according to the aforementioned expert.
Buterin Comments on the Behavior of Cryptocurrencies
In recent days, Buterin gave his opinion on the behavior of the cryptocurrency market. In an interview with CNN, the developer said that cryptocurrencies could now be in a bubble. However, he said that he could not say exactly what stage they are in.
According to the young programmer, the bubble may have already ended or may do so within several months. Regarding the changes in the price of cryptocurrencies, Buterin clarified that this type of fluctuation has occurred in the past.
“There have been at least three of these big crypto bubbles so far. Oftentimes, the reason for bubbles to stop is some event that simply makes it clear that the technology is not there yet,” Buterin said.
Four market analysts recently explained the different scenarios that cryptocurrency trading could be facing. One of the theories suggests that a bearish trend, which would take at least the remainder of 2021 and all of 2022, has already begun. However, other researchers emphasize that the cryptocurrency market is going through a bullish period.
The Ripio Exchange Buys USD 10 Million Worth of Bitcoin and Ether
Argentine cryptocurrency exchange Ripio invested USD 10 million worth of Bitcoin (BTC) and Ether (ETH) in the recent market crash. Sebastián Serrano, CEO and co-founder of the company, said that the treasury has accumulated crypto assets as a long-term investment strategy.
On his Twitter account, the executive announced that they distributed the capital as follows: USD 5.3 million worth Bitcoin (150 BTC) and USD 4.8 million worth of Ether (2,000 ETH).
Serrano noted that “Ripio has been buying and saving cryptocurrencies with its funds for many years.” Although he shared information about Ripio’s recent investment, no one knows the company’s total balance in cryptocurrencies. For example, if the treasury has bought Bitcoin since 2013, Ripio made its first investments when Bitcoin was worth USD 100 per unit.
By Alexander Salazar
