Grayscale Buys 100,000 More Ethereum — Reaching a Total of $5 Billion in Holdings

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Ethereum cryptocurrency
Ethereum

Grayscale Investments, LLC has closed a deal of more than 177 million worth of Ethereum. The financial institution bought 104,999 Ether since Tuesday — collecting a total of 3 million ETH, or $5 billion in value. The New-York based financial firm has been buying $100 million ETH a week since December. However, they doubled their buying this week amid the Ethereum’s rally.

Grayscale — the world’s leading digital fund manager had shifted to Ethereum instead of Bitcoin. The company heavily invested in the cryptocurrency last month. Grayscale’s purchase of ETH follows the reopening of the Ethereum Trust to investors. In conjunction with that, the successful fund manager had published a paper on how they value Ethereum. The newly released guide aims to help investors starting with ETH.

Ethereum is leading an astonishing bull rally. Financial institutions and traders fueled the ETH rally after placing heavy orders on the crypto. Based on the height of the triangle’s y-axis, Ethereum could soar another 13% to reach $2,000.

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Meanwhile, the world’s largest financial derivatives exchange CME Group is scheduled to launch Ethereum futures on February 8. According to an announcement by CME, the derivative will be open to trade between 18:00 to 17:00 ET from Sunday to Friday.

The digital token saw an instant price increase, following the news. Furthermore, the institutional interest in the digital token helped drive its price even higher. The significant surge in buying the cryptocurrency had heavily impacted its price. 

As of this writing, Ethereum is the second-largest cryptocurrency by market capitalization. Furthermore, Ethereum blockchain had hit the 1 billion transactions mark on Saturday. 

Ethereum mining causes shortage of Nvidia laptops in China

Nvidia’s GeForce RTX 30 saw a shortage in china. The RTX 30 series Laptop has a powerful GPU — one of the most important factors in cryptocurrency mining. Consequently, the laptop vanished after Chinese Ethereum miners started using it for mining.

China — the largest mining ground to Bitcoin is seeing a transition into mobile-mining. According to Wayne Zhao, chief operating officer of crypto research company TokenInsight the country accounts for 50% of the available Bitcoin.