🔥 Bitcoin Miner Shifts Gears — Embraces Ethereum for Treasury Growth Strategy
Ethereum fell 1% in 24 hours after bulls eased purchasing pressure.
Bitcoin miner Bit Digital unveiled an ETH treasury strategy.
$ETH must rebound over $2,500 to avoid a bearish flag formation.
After Bitcoin ($BTC ) miner Bit Digital (BTBT) announced on Wednesday that it's switching to
ETH staking and treasury, Ethereum (ETH) fell 1% in 24 hours.
Bulls lost momentum after two days of gains after the Israel-Iran peace, as Ethereum fell 1%. The fall was caused by Ethereum's exchange reserve rising, signaling low demand and slight sell-side pressure.
In a Wednesday news release, Nasdaq-listed Bitcoin miner Bit Digital announced a major move to become an ETH staking and treasury firm, despite the quiet.
The company will stop mining Bitcoin and use the revenues to stake Ethereum. Bit Digital started establishing its Ethereum position and staking infrastructure in 2022 and has continuously increased its ETH holdings.
Bit Digital also announced an underwritten public offering of its ordinary shares, which it would issue and sell directly. The business stated the transaction would grow its Ethereum holdings, supporting its strategy change toward becoming an ETH treasury and staking platform. However, the offering quantity and date were not revealed.
This follows a trend among crypto businesses to embrace treasury strategies that expose them to Ethereum and other cryptocurrencies. SharpLink Gaming (SBET) has the biggest public Ethereum treasury. The business owns 188,478 ETH, worth $457 million at current pricing.
Ethereum temporarily rose above a declining channel and the 50-day Exponential Moving Average (EMA) during the previous 24 hours before reverting below $2,500.
ETH will confirm a bearish flag pattern if it fails to regain $2,500 and loses the channel's upper boundary support. If it breaks the bottom border support of a symmetrical triangle formation, its price might go below $2,100
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