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BitMine Buys 28K ETH, Predicts Ethereum Uptrend
Confirmed
In Short: BitMine has purchased 28,000 Ethereum (ETH) and predicts continued upward movement in the cryptocurrency's price, according to reports.
BitMine, a crypto-related company, has recently purchased 28,000 Ethereum (ETH) and is forecasting a continuation of the upward trend in the cryptocurrency's price, according to reports from financial news outlets. The company cites remarks from Tom DeMark, a capital markets advisor to BitMine, in support of this prediction.
Since June 30th, 4 of the top 21 best performing stocks in the Russell 1000 are crypto-related equities, reflecting the strong performance of Ethereum as the best performing macro asset in the third quarter so far, according to BitMine Chairman Thomas Lee.
In addition to its ETH holdings, BitMine also reported a $180 million stake in Beast Industries, $91 million in Eightco Holdings shares (ORBS), and total cash and marketable securities of $593 million.
On the technical side, Ethereum maintains a constructive bullish bias on the daily chart, with price holding above the 20-, 50-, 100- and 200-day Exponential Moving Averages (EMAs). The short-term EMA cluster between roughly $2,395 and $2,204 provides layered dynamic support, while the horizontal level at $2,431 acts as an immediate floor just below the market price.
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- Ethereum has seen $44.3 million in liquidations over the past 24 hours, led by $26.4 million in long liquidations, according to Coinglass data.
- Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) has continued its weekly acquisition of the top altcoin.
- BitMine also maintained a staking position of 5.067 million ETH via its Made in America Validator Network (MAVAN), with annualized staking revenue at $330 million.
- Ethereum began in 2013 when Vitalik Buterin proposed a platform for decentralized applications.
- Ethereum is currently trading at $2,486.14, with a 24-hour trading volume of $ 138.3M.
- Over the past 24 hours, the price of Ethereum changed by -0.17%, and over the past week, its value in USD rose by +2.77%.