Connect with us
DAPA Banner

Crypto World

BitMine (BMNR) faces $8 billion paper loss on ether holdings

Published

on

BitMine (BMNR) added nearly $100 million in ETH amid market plunge

BitMine Immersion Technologies (BMNR), the world’s largest Ethereum-focused treasury company is now sitting on nearly $8 billion in paper losses after ether fell below $2,000 on Thursday.

The firm, helmed by well-followed Wall Street bull Thomas Lee, accumulated 4.29 million ETH at an estimated cost of $16.4 billion, according to data from DropStab. That stash is now worth just $8.4 billion at current prices.

BMNR stock fell another 9% Thursday to its lowest point since the company pivoted to an Ethereum strategy. It has now tumbled 88% from its July peak, as investor concern grows on the firm’s ETH exposure and collapsing prices.

Despite the sharp drawdown, BitMine is under no immediate pressure to liquidate its assets. Unlike many other digital asset treasuries, the company used equity issuance — and not borrowed funds — to fund its ether purchase spree and other investments.

Advertisement

The firm also holds $538 million in cash and has begun generating income from staking more than 2.9 million ETH, according to its Monday update.

“There is no pressure to sell any ETH at these levels, because there are not debt covenants or other restrictions/provisions,” Thomas Lee said in a statement, “BitMine is in a position to ride out crypto volatility while earning recurring income and staking rewards.”

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Oil Price Prediction: Trading Oil With Crypto? Is It Time to Long Oil?

Published

on

Oil just posted its biggest monthly price gain, and traders are watching both the oil and crypto positions before making any prediction.

Brent crude oil just posted its biggest monthly price gain on record, 51% since the opening day of the month, and crypto traders are watching both the oil chart and their crypto positions simultaneously before making any prediction.

Bitcoin rebounded 2% intraday to $67,000 even as oil shockwaves rattled equities, raising a question active traders are increasingly asking: is the real opportunity in oil, crypto, or something built on top of both narratives? The answer depends heavily on what happens in the Strait of Hormuz over the next 72 hours.

Brent closed Friday at $112.57 per barrel, up from $72.48 on February 27, the day before the US-Israeli strike on Iran, and briefly tagged $119.50 intraday, its highest since June 2022. BloombergNEF estimates 9 million barrels per day have been knocked offline by the conflict, with Iran all but closing the Strait of Hormuz, through which roughly one-fifth of global oil and gas normally flows.

A coordinated 400-million-barrel emergency reserve release on March 11 barely dented the rally. Trump’s 10-day ultimatum to Iran to reopen the strait was met by a rising oil price and falling stock markets, not exactly the negotiating leverage the White House projected.

Total crypto market capitalization has reached $2.4 trillion despite the macro turbulence, suggesting digital assets are absorbing the geopolitical shock. The macro correlation between Treasury yields, risk assets, and crypto is tightening, and oil is now the single most consequential variable in that equation.

Discover: The best crypto to diversify your portfolio with

Oil Price Prediction: Will Oil Blast Pass $200?

Advertisement

WTI crude surged above $110 per barrel on March 9 and has held elevated since, with 10-year futures still pricing around $57 per barrel, a signal that markets expect eventual normalization but have no timeline for it.

Oil just posted its biggest monthly price gain, and traders are watching both the oil and crypto positions before making any prediction.
Brent Crude Oil, TradingView

Bitcoin is currently trading in a defined $62,000–$73,000 channel. Resistance sits at $73,000, tested and rejected recently; support is intact at $62,000. The brief touch of $74,000 before the pullback signals buyers are present at highs, but conviction is thin.

Rising import prices, up 1.3% in February, combined with oil above $110, are the inputs feeding that rate-hike probability. Watch Tuesday’s API Crude Oil Stocks and ADP Employment data as the next directional catalysts.

Once the Strait of Hormuz opens for business, oil will likely start to normalize. Is this the time to long oil? The answer lies more in geopolitics right now, not much in chart structure.

Discover: The best pre-launch token sales

Advertisement

Bitcoin Hyper is Targeting A movement Similar to Oil

BTC at $67,000 inside a known range is a respectable position, but at this market cap, the asymmetric upside that early crypto cycles delivered is structurally compressed.

The Iran deadline extension is already weighing on risk assets, and spot BTC traders are essentially betting on a macro resolution they cannot control. For traders hunting for leverage on the Bitcoin ecosystem without the channel ceiling, the infrastructure layer is where some rotation is happening.

Bitcoin Hyper ($HYPER) is positioning as the first Bitcoin Layer 2 with Solana Virtual Machine (SVM) integration, combining Bitcoin’s security model with sub-Solana-speed execution and low-cost smart contracts.

Advertisement

The presale has raised $32 million at a current price of just $0.0136, with 36% staking rewards live for early participants. The core pitch: Bitcoin’s programmability problem (slow transactions, high fees, no native smart contracts) gets a direct fix, while the security layer stays intact.

Research Bitcoin Hyper before the presale window closes.

This article is not financial advice. Crypto assets are highly volatile. Do your own research before investing.

The post Oil Price Prediction: Trading Oil With Crypto? Is It Time to Long Oil? appeared first on Cryptonews.

Advertisement

Source link

Continue Reading

Crypto World

Here’s Why Bitcoin Analysts Say BTC Price Will Bottom at $40K

Published

on

Here’s Why Bitcoin Analysts Say BTC Price Will Bottom at $40K

Bitcoin (BTC) buyers made a tepid comeback on Monday, pushing BTC price to its intraday high of $67,860. Analysts said that Bitcoin remains in a bear market, with several metrics pointing to a potential bottom below $50,000.

Key takeaways:

  • Bitcoin price turns $70,000 into resistance, clearing the path for a deeper correction.

  • Bitcoin’s short-term holder realized price bands moved lower, with a potential bottom around $46,000.

  • Historical retracement levels and a bear flag breakdown point to $39,000–$41,000 as the final low for BTC price this cycle.

Bitcoin’s “path of least resistance” is downward

Data from TradingView captured ongoing BTC price gains, up 1.5% on the day to trade at $67,750, as $69,000-$70,000 became new resistance.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Analyzing Bitcoin’s price action on lower time frames, Telegram trading resource Technical Crypto Analyst said losing the $68,000-$69,000 support “confirms short-term bearish momentum,” adding:

“Unless price quickly reclaims $69K–$70K, the path of least resistance remains downward toward the $65K demand zone.”

Related: Worst six months since 2018? Five things to know in Bitcoin this week

Advertisement

“Great bounce upwards, but nothing confirmed as of yet on Bitcoin,” MN Capital founder Michael van de Poppe said in a Monday post on X.

It “all depends on macroeconomic events; however, I’d rather see a breakout above $71K for confirmation,” he added.

“On the other hand, a classic little sweep to $65K just before the push upwards would signal that we’re going to get that momentum.”

BTC/USD four-hour chart. Source: X/Michael van de Poppe

Analyst Kyle Chassé said that with the Fear and Greed index still in the “extreme fear zone” and the order books showing more shorts than longs, the market leans “towards more downside.”

Crypto fear and greed indeed. Source: X/Kyle Chassé

Where will the Bitcoin price bottom?

Bitcoin’s 46% drawdown from its $126,000 all-time high has seen the cost basis of short-term holders (STH) — the average price of entities who have held BTC for less than 155 days — drop from $113,500 to $83,200.

“​​This is a sign that the pricing for a potential bottom has also moved lower,” said CEO and founder at Alphractal Joao Wedson in an X post on Monday.

Similarly, the lower line of the STH realized pricing bands (blue line) has also moved “even lower, which could confirm that Bitcoin may form a bottom around $50K or slightly below,” Wedson added.

Advertisement

The chart below shows that Bitcoin bottomed out just below the lower band of the STH realized price during the 2022 bear market. 

Bitcoin STH realized price bands. Source: Alphractal

Analyst Willy Woo said that the bear market bottom for Bitcoin could be between its realized price, currently at $54,000, and the Cumulative Value-Days Destroyed (CVDD), now at $45,500.

“Old school onchain models suggest a BTC bottom between $46K-54K. ”

Bitcoin pricing models. Source: X/Willy Woo

The CVDD measures the cumulative value of “Coin Days Destroyed” (long-term holders selling) relative to the market’s age, creating a rising “floor” price during bear markets. 

Crypto analyst Crypto Jelle said Bitcoin’s bear market lows have historically formed between the 0.618 and the 0.786 retracement levels, which are at $57,600 and $39,000, respectively.

BTC/USD weekly chart. Source: X/Jelle

As Cointelegraph reported, the current “last stages” of the bear market are producing predictions of as low as $41,000, based on a bear flag breakdown.