Ethereum Rally to $2,288 Sparks 7.5% Jump in BitMine Immersion Shares
Shares of BitMine Immersion Technologies jumped 7.5% after Ethereum rose 6.5% to $2,288.63, its highest since early February. Short squeezes forced $344 million in liquidations over 24 hours, with ether shorts accounting for $127.9 million, lifting stocks tied to the crypto sector.
1. Ethereum Rally and Short Squeeze
Ethereum climbed 6.5% over 24 hours to $2,288.63, its highest level since early February. A short squeeze liquidated $344 million across crypto futures, with $127.9 million in ether shorts and $124.5 million in bitcoin positions forced out.
2. Impact on BitMine Immersion Technologies
BitMine Immersion Technologies shares surged 7.5% by 05:51 ET, leading ether-linked stocks higher. Peer names SharpLink Gaming, Bit Digital and BTCS also recorded gains of 6.1%, 3.4% and 2.9% respectively.
3. Broader Crypto and Macro Backdrop
Other major tokens posted notable moves: Solana rose 5% to $93, while Dogecoin hit $0.10 and Cardano jumped 9% to $0.288. Markets also reacted to U.S. talks with Iran and oil prices around $104 for Brent ahead of the Fed’s March policy meeting.