NEW YORK – Celsius Network has sold approximately $243 million worth of Ethereum (ETH) as part of its bankruptcy proceedings, in a significant development for the cryptocurrency industry. The sale aims to generate funds for the establishment of MiningCo, a new initiative focused on Bitcoin mining.
The liquidation of the digital assets, worth a total of approximately $250 million, marks a strategic shift for the company, which has faced regulatory challenges from the state Securities and Exchange Commission (SEC). -United regarding its services related to cryptocurrencies. Despite these obstacles, Celsius Network is moving forward with its Bitcoin mining venture, signaling a pivot in its business model amid the complex legal landscape for cryptocurrency operations.
The cryptocurrency market reacted to this news with cautious optimism. Investors and market analysts are closely monitoring the potential impact of this significant liquidation on the price of Ethereum. Today, Ethereum is trading at $2,210, and prices are expected to see a rise, especially with the prospect of an ETH Exchange-Traded Fund (ETF) product in the pipeline .
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