Ethereum
Bitcoin and Ethereum deepen crypto sell-off on February 3 amid ongoing market fears
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Continuing the downturn from late January, the cryptocurrency market plunged further on February 3, 2026, with Bitcoin hitting $72,800—its lowest since before the 2024 U.S. election—and Ethereum dropping sharply. The sell-off, fueled by broader stock weakness and liquidity concerns, eased slightly after the U.S. House passed a funding bill to end the partial government shutdown. Experts caution of more declines but spot stabilization signals.
Bitmine Immersion Technologies announced on February 2, 2026, that its Ethereum holdings have reached 4.285 million tokens, representing 3.55% of the total supply, as the cryptocurrency market faces a sharp decline. The company reported total crypto, cash, and investment holdings of $10.7 billion, including staked Ethereum generating significant annual rewards. Executive Chairman Tom Lee described the current price pullback as an attractive buying opportunity despite $6.6 billion in paper losses.
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The Ethereum Foundation has formed a dedicated Post-Quantum team to address emerging threats from quantum computing. Led by Thomas Coratger, the initiative focuses on upgrading the network's cryptographic foundations before potential risks materialize. This move reflects a broader shift in the blockchain ecosystem toward proactive defenses.
Yao Qian, the former head of China's digital yuan project, has been accused of accepting at least $8 million in cryptocurrency bribes while at the People's Bank of China. A state broadcaster's documentary revealed details of the corruption, including how a subordinate facilitated the transfers. The scandal emerges as China promotes its central bank digital currency amid a crackdown on private cryptos.
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Bitcoin reached a two-month high above $97,000 on Wednesday, leading a broader cryptocurrency rally fueled by positive economic data and advancing pro-crypto legislation. The surge liquidated nearly $700 million in short positions, rejuvenating market risk appetite. Analysts suggest the rally has potential to continue higher.
Ethereum's validator queues have dropped to nearly zero, signaling a shift from scarcity-driven staking to a more balanced state. With staking yields around 3%, the once-prominent supply shock narrative is fading, even as the network holds its position as the leading DeFi platform. This development raises questions about Ethereum's ability to capture value from growing activity across its ecosystem.
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Bitmine Immersion Technologies has revealed its ethereum holdings have climbed to 4,143,502 tokens, representing 3.43% of the total supply. The company's total crypto and cash assets now stand at $14.2 billion, including staked ethereum and other investments. This update comes ahead of its annual stockholder meeting in Las Vegas.
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