BMNR stock surged more than 10% in early morning trade after gaining 25% in the previous session, after Ethereum’s price hit a near four-year high of $4,332 over the weekend.
Shares of Bitmine Immersion Technologies (BMNR) jumped in pre-market trade on Monday after Ethereum (ETH) hit its highest level in nearly four years over the weekend, while Bitcoin (BTC) eyed another record level, fueling gains across cryptocurrency-linked stocks.
BMNR stock surged more than 10% in early morning trade after gaining 25% in the previous session, when Ethereum’s price crossed $4,000 for the first time this year. The company currently holds the largest Ethereum treasury with over 833,000 ETH tokens. On Stocktwits, retail sentiment around the shares improved to ‘extremely bullish’ from ‘bullish’ a week ago. BMNR was among the top trending stocks on the platform at the time of writing.
Ethereum’s price, meanwhile, was up over 1% in pre-market U.S. trading hours after hitting a four-year high of $4,332 over the weekend. On Monday morning, the cryptocurrency traded at $4,244, at the time of writing. On Stocktwits, retail sentiment around ETH moved higher within ‘bullish’ territory.
Meanwhile, Bitcoin was eyeing another record high over the weekend as the cryptocurrency surged to hit an intraday high of $122,227. Bitcoin’s price had pared some gains by Monday morning, trading at around $121,272-still up 2.6% in the past 24 hours. On Stocktwits, retail sentiment around Bitcoin improved to ‘neutral’ from ‘bearish’ territory a day ago.
The weekend surge, however, may have left a CME futures gap between Friday’s closing price and Monday’s open that could drag on the cryptocurrency’s price. CME Bitcoin futures settled at $117,430 on Friday but opened Monday at $119,000. These cash-settled contracts often see such gaps filled, as Bitcoin’s price historically moves back to close the difference quickly.
That has not deterred crypto-linked stocks from surging in pre-market trade. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, gained 3%. Bitcoin miner Riot Platforms’ (RIOT) stock climbed 3.5%, and shares of its peer, Mara Holdings (MARA), rose 3.25%. Crypto exchange Coinbase Global (COIN) had the biggest pop, with shares up 3.6%.
Major altcoins followed Ethereum’s lead. Cardano and XRP’s price gained 2.1% in the early morning hours, followed by Solana (SOL), which rose 1.3%. Meme token, Dogecoin’s (DOGE) price edged 0.4% higher.
The crypto market’s recovery led to $320 million in liquidations over the past 24 hours. Most of the liquidations came from short bets-traders who bet that the price of cryptocurrencies would fall, amounting to around $210 million. Long liquidations were around $111 million. Bitcoin experienced the largest liquidations of $118 million, followed by Ethereum at $81 million.
Traders are eyeing Tuesday’s inflation data for more cues on where the market may head next.
Read also: Bitcoin Climbs Over $122,000 Again, Ether At 4-Year Highs: What’s Driving The Crypto Rally?
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Read Full Article
Read more on Asianet News Network Pvt Ltd
