BitMine Acquires 71,672 Ethereum Amidst Oil Price Pressures on Crypto Market
Bitmine Buys 71,672 ETH, But Tom Lee Says Oil Is The 'The Biggest Headwind'

Image: Benzinga
BitMine Immersion Technologies Inc. recently purchased 71,672 Ethereum (worth $157 million), increasing its total ETH holdings to nearly 5.28 million. Tom Lee highlights surging oil prices as a significant factor impacting ETH's value, noting a strong inverse correlation between oil and Ethereum prices.
- 01BitMine's latest purchase marks a significant increase from its previous week's acquisition of 26,000 ETH.
- 02The company's total crypto and cash holdings now amount to $12.6 billion, including 202 Bitcoin and $685 million in cash.
- 03Tom Lee stated that rising oil prices have created a major headwind for ETH, with an inverse correlation reaching its highest level ever.
- 04BitMine is one of the few firms actively accumulating crypto during the current market downturn, alongside Michael Saylor's Strategy Inc.
- 05BitMine's stock (BMNR) fell 9.68% to $19.87 on Friday, breaking below the critical $20 support level.
Advertisement
In-Article Ad
BitMine Immersion Technologies Inc. (NASDAQ:BMNR) made headlines by purchasing 71,672 Ethereum (ETH), valued at approximately $157 million. This acquisition significantly boosts the company's total ETH holdings to nearly 5.28 million, representing about 4.37% of Ethereum's circulating supply. Tom Lee, a prominent figure in the crypto space, noted that surging oil prices have been a major factor contributing to ETH's recent decline below $2,200. He emphasized that the inverse correlation between oil prices and ETH is at an all-time high, suggesting that a reversal in oil prices could lead to a recovery in ETH values. Despite the downturn in the crypto market, BitMine remains committed to accumulating digital assets, joining the ranks of other firms like Michael Saylor's Strategy Inc. However, BitMine's stock has faced challenges, dropping 9.68% to $19.87 on Friday, breaching the critical psychological support level of $20. The current trading indicators suggest a bearish trend, with immediate support found between $19.00 and $19.50.
Advertisement
In-Article Ad
Advertisement
In-Article Ad
Reader Poll
Do you believe rising oil prices will continue to impact cryptocurrency values?
Connecting to poll...
Read the original article
Visit the source for the complete story.





