BitMine Immersion Technologies will stop buying ether ETH$2,575.95 once it has accumulated 5% of the cryptocurrency’s supply, Chairman Tom Lee said during a keynote at Token2049 in Singapore on Wednesday.
“That’s a hard cap. We’re not gonna be accumulating past 5%,” Lee said. “We’re not gonna own more than 5% of Ethereum.”
He said the company needs to buy another 100,000 ETH to hit that self-imposed ceiling.
Ether’s price has declined by 4.5% to $2,477 since midnight UTC hours. Bitcoin, meanwhile, is down 2.2%.
The global bond sell-off continues, with U.S. Treasury yields rising across the curve and pressure spreading across Europe and the UK. The U.S. 10-year yield is at 5.333%, while the 30-year yield has reached a fresh high of 5.715%. In the UK, the 30-year gilt yield has surpassed 6%, reaching 6.014%.
Renewed dollar strength is adding to the pressure, with the U.S. Dollar Index (DXY) climbing back above 102.
Bitcoin has fallen more than 2% over the past 24 hours, dropping below $84,000 and trading as low as $83,300. Oil initially jumped on news of Iranian tanker attacks, but WTI crude has since reversed those gains, turning slightly negative over the past 24 hours and slipping below $90 a barrel.
U.S. equities are also showing signs of a pullback after the Nasdaq 100 and S&P 500 hit all-time highs on Tuesday. Invesco QQQ, which tracks the Nasdaq 100, is down just under 1% in premarket trading.
Bitcoin fell as much as 2.4% on Wednesday to about $83,600, slipping below $84,000 as about $550 million in leveraged crypto bets were wiped out over 24 hours, according to CoinGlass data.
Those were liquidations, positions an exchange closes automatically when a trader using borrowed money can no longer cover the losses. Most of them hit longs, or traders betting on higher prices.
Ether dropped nearly 4% to about $2,590, XRP lost about 4% and SOL fell more than 3%.
Dan Khus, chief analyst at LVRG Research, told Bloomberg the drop looks like "a leverage flush instead of a downward trend."
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