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Crypto News
Bitcoin Breaks $114K, Ethereum Tops $4.4K as Cooling US PPI Fuels Rate-Cut Hopes
Crypto market is showing bullish signal today with Bitcoin crossing $114K after a 2.62% rise in the past 24 hours, while Ethereum climbed 2% to break above $4,400. Layer 2 tokens led the rally, with Mantle (MNT) jumping 12.98% and newly launched Linea (LINEA) soaring 392.60%. Meme coins rose 2.87%, Layer 1 tokens gained 2.74%, DeFi climbed 2.23%, CeFi added 2.11%, and PayFi advanced 1.74%.
The surge comes as softer U.S. PPI data reinforced rate-cut expectations and SEC Chairman Paul Atkins unveiled Project Crypto to strengthen on-chain market regulation.
Bitmine Expands ETH Treasury, Scoops $201M Worth Ethereum From Bitgo
Bitmine, often referred to as the Ethereum ‘Strategy,’ has received 46,255 ETH, worth $201 million, from a BitGo wallet across three addresses.
Onchain Lens, a blockchain analytics platform, reported on Thursday that the publicly traded Bitcoin mining company now owns a total of 2,126,018 ETH worth $9.24 billion.
Blockchain-Backed Lender Figure, Backers Raise $787.5 Million in IPO
Blockchain-based credit company Figure Technology Solutions Inc. and some of its backers raised $787.5 million in an initial public offering, pricing shares above a marketed range.
The company and the selling shareholders including Ribbit Capital sold 31.5 million shares at $25 per share, according to a statement. At the IPO price, Figure would have a market value of about $5.3 billion, based on the outstanding shares in its filings.
Figure is going public in what’s set to be the US market’s busiest week of the year in terms of IPO volume, joining digital payments firm Klarna Group Plc which climbed 15% in its trading debut earlier Wednesday after its $1.37 billion IPO. There are several sizable deals to go, including Cameron and Tyler Winklevoss’ crypto exchange Gemini Space Station Inc., which prices Thursday.
South Korea Lifts Ban on VC Funding for Crypto Companies
South Korean cryptoasset-related companies can now apply for venture capital (VC) funding after Seoul abolished a seven-year-old ban.
The South Korea newspaper Seoul Kyungjae reported that the Ministry of SMEs and Startups says the existing ban on crypto firms’ VC funding will end on September 16.
The ministry said the State Council, South Korea’s chief executive body and ministerial cabinet has signed off on the move.
Scroll DAO Suspends Operations Following Mass Resignations
Scroll DAO, the decentralized governance body behind Ethereum Layer 2 project Scroll, has suspended operations after several leaders resigned and uncertainty grew over the group’s direction.
After a recent delegate call, community representative Olimpio confirmed governance would be paused. Proposals remain live on the platform, but there is no clarity on how they will be handled.
「They don’t want to say 「STOP」/」Dismantle」 governance, they want to say 「PAUSE,」 Olimpio wrote on X, summarizing the discussion.
Bitcoin Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Wednesday was $757.14 million. The total net asset value of Bitcoin spot ETFs is $147.83 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.53%.
The Bitcoin spot ETF with the highest net inflow on Sep 10 was Fidelity Wise Origin Bitcoin Fund , with a net inflow of $298.98 million.