BitcoinBitcoin -5.9% has dropped back after Federal Reserve chair Jerome Powell sent the price soaring last week (with major updates from China and Russia failing to rally the market). Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and "uncover blockchain blockbusters poised for 1,000% plus gains" in the aftermath of bitcoin's halving earthquake! The bitcoin price climbed to $65,000 per bitcoin after Fed chair Powell signaled an interest rate cut is all but certain in September, setting up a "golden opportunity." Now, as the bitcoin price languishes at around $60,000 and one rival cryptocurrency suffers a huge crash, analysts are betting a fresh injection of liquidity by the Fed will put the bitcoin and crypto market on the "cusp" of a major move.
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Essential, an "intent-centric" Ethereum ETH -0.48% Layer 2 blockchain developer, has raised $11 million in a Series A funding round led by Archetype. Other investors included IOSG Ventures, the Spartan Group, Mirana Ventures, Amber Group, Maven 11 and Big Brain Holdings, Essential said Tuesday. Undisclosed angel investors from Celestia, Hashflow, LI.FI, Sorella and other firms also participated in the round. Essential began raising funds for the Series A round earlier this year and closed it in June, co-founder and CEO Liesl Eichholz told The Block. The round was structured as equity with token warrants, Eichholz said, declining to comment on the valuation. The Series A round brings Essential's total funding to $16.15 million, having raised $5.15 million in seed funding last September.
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Marathon Digital, one of the leaders in the field of bitcoin mining, announced an increase in its reserves of the first cryptocurrency. The company purchased bitcoins for $100 million. This is reported by Coindesk. The decision was made against the backdrop of a recent market correction and the company's return to the strategy of holding all mined bitcoins on its balance sheet. According to the company, at the end of June, it had 18,536 bitcoins in its portfolio. Over the past month, Marathon Digital has purchased about 1,500 bitcoins at an average market price of about $65 thousand per coin, experts calculated.
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