Crypto News
Over the past week, Bitmine purchased an additional 30,567 ETH for $36 million, bringing the total amount of Ethereum in its reserves to 5.77 million ETH. Bitmine’s reserves now exceed 4.8% of the total Ethereum supply. Bitmine’s Chairman, Tom Lee, is optimistic about Ethereum’s long-term prospects, despite the crypto winter. In his view, ETH will support the tokenisation of traditional financial assets and the growing demand for blockchain from companies developing artificial intelligence-based applications.
Strategy neither bought nor sold any Bitcoin last week. The company sold shares worth $466.7 million, increasing its dollar reserves to $3 billion. Its Bitcoin position remained unchanged at 843,775 BTC, with an average purchase price of $75.5K.
Trump’s profits from cryptocurrencies are being invested in shares and bonds, according to a report submitted by the president to the US Office of Government Ethics. The US President does not invest in Bitcoin or shares in cryptocurrency companies.
The market crash will begin with a slump in the US bond market, warns Peter Schiff, head of Euro Pacific Capital and a crypto-sceptic. Rising US Treasury yields will inevitably lead to more expensive borrowing, a stock market crash and a fall in the value of cryptocurrencies.
