Bitmine Immersion Technologies, Inc. (AMEX:BMNR) shares tumbled on Thursday, erasing an entire month’s worth of gains, as cryptocurrencies fell below key levels.
However, Tom Lee‘s Ethereum (CRYPTO: ETH) treasury company maintained gains of nearly 600% since its June debut.
- BMNR stock is down. See the real-time price action here.
Crypto Drops
Over the last five days, Bitmine stock has fallen more than 16% as crypto markets hit the brakes, with Ethereum dropping below the critical $4,000 level.
The correction highlights how closely traditional equities exposed to digital assets now track the fortunes of the underlying coins and the ongoing volatility in digital assets.
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Ethereum was trading around $3,955, down 5.27% over the past 24 hours and down more than 11% over the past five days.
Bitmine’s price action mirrored Ethereum's sharp pullback, amplifying investor concerns about the company's reliance on crypto market momentum.
Bitcoin (CRYPTO: BTC) was down 2.23%, trading near $111,000, an important psychological level.
Investor Sentiment
If crypto prices remain at or below these critical levels, it could intensify selling pressure and weigh further on Bitmine and other crypto-linked stocks, like Strategy, Inc. (NASDAQ: MSTR) and Coinbase Global, Inc.(NASDAQ: COIN).
Broader market sentiment also played a role in Bitmine’s downturn as investors rotated away from speculative plays and into more defensive positions.
Cryptocurrencies, often seen as speculative assets, are especially vulnerable during such periods.
The past five days have demonstrated just how interconnected the crypto and equity markets have become, with even modest digital asset price dips triggering significant moves in crypto-tied stocks, such as Bitmine Immersion.
BMNR Stock Price: Bitmine Immersion Technologies shares were down 4.82% at $49.42 on Thursday, according to data from Benzinga Pro.
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