Bitmine Stock Tumbles As Bitcoin Drops, ETH Plunges Below $4,000
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Bitmine Immersion Technologies, Inc. (AMEX:BMNR) shares fell 4.82% to $49.42 on Thursday, erasing a month of gains as cryptocurrencies dropped significantly. Ethereum fell below $4,000, down 5.27% in 24 hours, while Bitcoin decreased by 2.23%. The decline in crypto prices has raised concerns about Bitmine's reliance on the digital asset market, leading to intensified selling pressure on crypto-linked stocks. Investor sentiment has shifted towards more defensive positions, highlighting the interconnectedness of crypto and equity markets.
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