Crypto News:Some News

1-It holds $10.8b worth of Ethereum, which is 2% of the total amount

In less than three months, BitMine has bought over 2% of Ethereum's supply, giving it a bigger share than most crypto-native companies. Aggressive accumulation shows a belief in the rise of bulls and the dominance of public companies in digital asset ownership.

A news statement from September 22 says that BitMine Immersion Technologies now owns more than 2.4 million Ether tokens, which is a little more than 2% of the total number of Ether tokens in circulation.

The company said it has a total of $11.4 billion in cash and crypto funds. This includes Bitcoin, a $175 million stake in Eightco Holdings, and $345 million in cash that is not being used for anything else. The news makes BitMine the company that owns the most Ethereum, beating out all of its rivals. This helps the company reach its stated goal of controlling 5% of the ETH supply.

BitMine's bold gathering approach is based on a certain theory about the economy that Chairman Tom Lee supports. When the company first said it had 1% of the Ethereum supply in early August, it sped up its move to Ethereum by a huge amount. BitMine's stock was worth about $38 at that time.

Its position quickly doubled to 2% at the same time that the share price rose to more than $61, showing a direct link between business strategy and market success. Lee compares the current changes in regulations, like the GENIUS Act and the SEC's Project Crypto, to the end of the Bretton Woods system. These changes have made it possible for a "supercycle" in digital assets.

Lee has been very determined for a long time because he thinks Ethereum is the foundation on which all future financial and technology systems will be built. He wants standard banking and artificial intelligence to come together on blockchain networks, with Ethereum as the main layer for payment.

The bold plan of BitMine is backed by a group of big investors, such as Cathie Wood from ARK, Founders Fund, Pantera Capital, Kraken, and Galaxy Digital. Even though BitMine isn't the only company that sees Ethereum's value as a reserve asset, it is clearly the best.

Data from CoinGecko shows that 12 tracked organizations hold a total of 3,518,818 ETH. About 68% of all the tokens held by BitMine's known rivals are held by its own 2.4 million tokens. SharpLink is the second-largest holder, with 837,230 ETH. This means that BitMine is almost completely in charge of the business Ethereum reserve space.

2-The business world starts up again as $1 billion is lost in liquidations in one hour

The cryptocurrency community was devastated when major tokens such as Bitcoin and Ethereum began to disappear. Over the course of the past hour of trading, long liquidations have lost over one billion dollars.

Those who were investing with leverage were completely destroyed in one of the worst collapses in the history of the cryptocurrency industry. In only the last hour, more than one billion dollars worth of cryptocurrency has been liquidated, instilling fear among traders. Bybit has a lead in the industry with all of its liquidations totaling $712 million.

The majority of the damage was caused by market-wide meltdowns, which resulted in a significant drop in the values of major tokens like as Bitcoin and Ethereum.

Over the course of the last several hours, it has been taking on a reddish hue. Positions have been pushed as a result of the tremendous volatility that is occurring in the cryptocurrency market.

References

https://crypto.news/solana-worldcoin-and-trump-among-517m-unlocks-this-week-heres-how-to-profit/

https://crypto.news/why-is-crypto-crashing-today-industry-rekt-as-1b-liquidations-occur-in-one-hour/