Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, Ether’s sharp sell-off has left one of the market’s largest crypto treasury holders nursing billions in unrealized losses, underscoring the risks of balance-sheet strategies during periods of heavy deleveraging. Meanwhile, the US Treasury has sanctioned two UK-registered crypto exchanges tied to Iran’s financial system, and Bitcoin’s latest reversal has pushed it out of the world’s top 10 assets by market capitalization.
BitMine Immersion Technologies, a publicly traded crypto treasury company linked to investor Tom Lee, is carrying more than $6 billion in unrealized losses on its Ether holdings following the latest wave of market liquidations.
The losses grew after BitMine acquired 40,302 Ether (ETH) last week, lifting its total holdings to more than 4.24 million ETH, according to data from Dropstab. At current prices, the company’s Ether balance is valued at roughly $9.6 billion, down from a peak of about $13.9 billion in October.
