Bit Digital Gains 3.4% on Ethereum’s Five-Week High and $344M Short Squeeze
Bit Digital stock rose 3.4% as Ethereum jumped 6.5% to $2,288.63, its highest in over five weeks, sparking a $344 million short squeeze. Broader Ether-linked equities rallied and market sentiment strengthened ahead of the Federal Reserve’s March 17–18 policy meeting.
1. Ethereum Rally Spurs Short Squeeze
Ethereum surged 6.5% to $2,288.63, its strongest level since early February, triggering $344 million in liquidations across 91,978 traders. Ether shorts accounted for $127.9 million of those liquidations, driving a rapid short squeeze that lifted crypto-linked stocks.
2. Bit Digital Jumps as Ether-Linked Rally Spreads
Shares of Bit Digital climbed 3.4% by midmorning trading, outpacing a broader rally in Ethereum-related equities that saw BitMine Immersion Technologies jump 7.5% and SharpLink Gaming rise 6.1%. BTCS and other smaller digital-asset miners also posted gains as investor appetite for Ether exposure grew.
3. Fed Meeting Looms Over Crypto Sentiment
Energy markets eased with Brent crude around $104.3 and the U.S. dollar weakening 0.3%, while market participants focus on the Federal Reserve’s March 17–18 meeting. Traders will watch for any signals on rate cuts or continued tightening that could sway digital-asset momentum.