BitMine Immersion Shares Fall 3.86% as Bitcoin Slides to $66,600 Before Fed Minutes
BitMine Immersion shares fell 3.86% after Bitcoin slid 2.66% to an intraday low of $66,600 and Ethereum dropped 1.34%, contributing to roughly $200 million in market liquidations as investors await Federal Reserve minutes. The stock’s decline mirrored broader crypto losses, with XRP down 1.18% and Solana off 3.00%.
1. Cryptocurrency Market Downturn
Bitcoin fell 2.66% to $67,011.90, reaching an intraday low of $66,600, while Ethereum slipped 1.34% to $1,973.18, XRP declined 1.18%, Solana dropped 3.00% and Dogecoin edged down 0.14%, reflecting broad selling pressure.
2. Liquidations and Trading Dynamics
Roughly $200 million was liquidated in the past 24 hours, including $138 million in long positions, even as Bitcoin’s open interest rose 0.68%, indicating new short bets entering the market.
3. Impact on BitMine Immersion Stock
Shares of BitMine Immersion Technologies closed down 3.86%, mirroring a 3.89% drop in Strategy Inc., as investors pared exposure to crypto-related equities following market declines.
4. Fed Minutes Awaited for Rate Clues
Investors are awaiting the Federal Reserve’s January policy meeting minutes, due Wednesday, and a personal consumption expenditures price index report on Friday for guidance on interest rate trajectory.