Six years into the stablecoin wave, this is the nascent form of the future of payments he sees. | Bee Network
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Original author: Sidhartha Shukla, Bloomberg Original translation by Chopper, Foresight News Ethereum’s enterprise treasury experiment is collapsing in real time. Ethereum, the world’s second-largest cryptocurrency, fell below $3,300 on Tuesday, moving in tandem with market bellwethers Bitcoin and tech stocks. This drop brought Ethereum’s price down 30% from its August peak, returning to levels seen before large-scale corporate buying, further solidifying its bearish stance. According to research firm 10x Research, this reversal has left Bitmine Immersion Technologies Inc., one of Ethereum’s most aggressive corporate backers, facing a paper loss of over $1.3 billion. Backed by billionaire Peter Thiel and helmed by Wall Street forecaster Tom Lee, the publicly traded company’s strategy mirrored Michael Saylor’s Bitcoin treasury model, purchasing 3.4 million Ethereum at an average price of $3,909. Now, Bitmine’s entire…# Analysis# crypto# defi# ethereum# Market# ToolPre
Gate Research: BTC and ETH are consolidating, while the AI and privacy computing sectors are showing structural strength.Next
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