- Ether (ETH) surged nearly 6%, trading close to $4,500 after BitMine Immersion Technologies announced plans to increase its ETH holdings to $24.5 billion.
- BitMine’s investment plans aim to add an additional $20 billion to its ETH acquisitions, as disclosed in a recent SEC filing.
- Market analysts compared BitMine chairman Tom Lee to Michael Saylor, known for his corporate Bitcoin accumulation.
- Bitcoin (BTC) stayed below $120,000 despite favorable U.S. inflation data, while other cryptocurrencies like ETH took the lead in price movement.
- Expectations for future Federal Reserve rate cuts increased as July’s U.S. Consumer Price Index (CPI) came in lower than anticipated.
Ether (ETH) climbed nearly 6% on Tuesday, reaching close to $4,500, after BitMine Immersion Technologies revealed plans to significantly expand its Ethereum holdings. The company aims to raise its total ETH acquisitions to around $24.5 billion, sparking investor interest and driving the price near its record highs.
According to data from Cointelegraph and TradingView, ETH/USD peaked at $4,457 on Bitstamp, its highest level since December 2021. In a new filing with the U.S. Securities and Exchange Commission (SEC), BitMine confirmed a plan to raise up to $24.5 billion for ETH purchases, with $20 billion allocated through the latest prospectus supplement.
Market observers commented on the dramatic Ether rally, noting similarities with previous Bitcoin Price surges following major corporate acquisitions. Crypto trader Michaël van de Poppe stated on X (formerly Twitter): “$ETH has surged more than 100% in less than two months … We’ll likely see a new ATH (all-time high) for $ETH and then some consolidation.” Crypto investor Ted Pillows compared BitMine chairman Tom Lee to Michael Saylor, CEO of MicroStrategy, known for his high-profile Bitcoin acquisitions.
BitMine shares rose about 5.6% alongside the ETH increase. Keith Alan, co-founder of Material Indicators, noted on X that Ether’s upward momentum was strong, saying a dip to its 21-day moving average near $3,822 could offer an entry point for buyers.
Meanwhile, Bitcoin (BTC) continued to trade below $120,000 after failing to surpass its all-time high the previous day. The release of U.S. CPI data for July, which showed inflation at 0.1% below estimates, increased expectations of a possible Federal Reserve interest rate cut in September, a potential benefit for crypto markets. Despite the bullish macro environment, analysts like Rekt Capital pointed out that BTC/USD remained focused on establishing support after breaking out of a recent downtrend, as noted on X.
This article does not offer investment advice. All trading carries risk, and readers should do their own research before making investment decisions.
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