Ethereum price skyrockets as hedge fund buys AUD$147.5 million worth of ETH
Singaporean hedge fund manager Three Arrows Capital now owns a whopping 36,401 ETH.
- ETH has been hovering around the all important AUD$4,000 (US$3,000) psychological resistance over the last 72 hours running.
- Ethereum's market dominance currently stands at an impressive 18%.
- Crypto.com becomes an official sponsor of the FIFA 2022 World Cup.
Ethereum, the world's second largest cryptocurrency by total market capitalisation, has been on a tear recently, with the currency's 30-day gains currently standing at 12%. The ongoing rise has also seen the altcoin's annual profit ratio climb back to the 75% mark after having dipped as low as 45% last month. At press time, ETH is trading at a price point of AUD$3,950.
It is also important to note that ETH briefly rose beyond the AUD$4,000 (US$3,000) mark yesterday, following news of Three Arrows Capital staking AUD$175 million (US$110 million) worth of ETH into Lido's liquidity pools. To elaborate, the Asian hedge fund manager supplied 36,400 ETH to the latter's "Curve stETH pool" via an external wallet address. As a result, the firm is now eligible to receive stacked Ether (stETH) of the same amount, allowing the firm to reduce various potential slippage related issues while earning regular staking incentives.
Just hours after the above stated move occurred, a second wallet proceeded to supply an additional 6,993 ETH to the Curve stETH pool, leading many pundits to state that Three Arrows Capital may be injecting further liquidity into the Lido ecosystem. If the assertions are correct, the hedge fund now owns a whopping US$130 million worth of ETH.
Lastly, this ETH influx comes ahead of Ethereum's upcoming launch of its new validation system. To this point, the network will soon transition from its current energy-intensive proof-of-work (PoW) consensus model to a proof-of-stake (PoS) one.
Another DeFi hack makes headlines
The pseudonymous founder of major cryptocurrency investment firm DeFiance Capital "Arthur_0x" revealed earlier this week that he had been on the receiving end of a hack that saw miscreants make off with over AUD$2.15 million (US$1.6 million) worth of cryptocurrency and NFTs from a hot wallet owned by him.
However, within minutes of the development coming to light, the crypto community came together to help Arthur retrieve his stolen assets. In fact, one individual named "Cirrus" went as far as purchasing 2 of the stolen Azuki NFTs and giving them back to Arthur, albeit with a small premium.
FIFA World Cup 2022 welcomes Crypto.com as an official sponsor
FIFA, a global organisation responsible for hosting a number of major soccer tournaments globally, announced earlier today that Crypto.com will be serving as a sponsor for its upcoming World Cup event scheduled to take place in Qatar, a region where cryptocurrency has been illegal since 2018. That said, come November, the cryptocurrency exchange's branding will be visible across stadiums all over the Middle-Eastern country.
Crypto.com has been on a partnership spree over the last year or so, with the trading platform recently inking a major deal to rename the Staples Center, home of the NBA's LA Lakers, to the Crypto.com Arena for 20 years. Not only that, the company has also entered into long term partnerships with the Australian Football League (worth US$25 million), Formula 1 (US$100 million sponsorship) and the UFC (10-year US$175 million sponsorship agreement).
Disclosure: The author owns a range of cryptocurrencies at the time of writing