Crypto Stocks Rise as Ethereum Outpaces Bitcoin Ahead of CPI Report
Shares of Ethereum treasury company BitMine Immersion Technologies Inc (NYSE:BMNR) advanced alongside other digital asset equities in early trading on Monday. The move coincided with Ethereum (BITSTAMP:ETHUSD) outperforming Bitcoin over the past 24 hours, climbing as much as 2.2% to cross $2,550. Bitcoin also posted modest gains, trading near $83,300 after topping $84,000 over the weekend. Other crypto-focused equities also logged premarket gains.
The gain in crypto equities occurred alongside a drop in energy prices, with West Texas Intermediate crude futures dipping 1.8% to $90.28 per barrel. Crude fell following an announcement that Russia would supply 300,000 metric tons of diesel fuel to markets under a partial easing of U.S. sanctions. Despite short-term market gains for digital assets, sentiment remains cautious after U.S. spot Bitcoin exchange-traded funds recorded $681 million in net outflows last week, marking the largest weekly withdrawals since June.
Traders are looking ahead to macroeconomic data that could guide the Federal Reserve on monetary policy. The September consumer price index report is set for release on Wednesday, followed by a scheduled speech from Federal Reserve Chair nominee Kevin Warsh on Friday. On technical charts, Ethereum faces key resistance between $2,560 and $2,570, where a sustained breakout could open the way for a rally toward $2,700.
Key points
- BitMine Immersion Technologies shares rose up to 3% in premarket trade as crypto equities moved higher on Monday morning.
- Ethereum gained up to 2.2% to around $2,550, outpacing Bitcoin which traded near $83,300.
- U.S. spot Bitcoin ETFs registered $681 million in net outflows last week, the largest weekly pullout since June.
- West Texas Intermediate crude oil futures fell 1.8% to $90.28 following a partial easing of U.S. energy sanctions on Russia.
- Investors are awaiting the September consumer price index report on Wednesday and a Fed Chair nominee speech on Friday.
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How we writeDisclaimerQuestions and answers
Why did BitMine Immersion stock move higher?
BitMine Immersion Technologies stock gained in early trading alongside a rise in Ethereum, which climbed up to 2.2% to cross $2,550 and outpaced Bitcoin over a 24-hour period.
What key economic events are crypto traders watching this week?
Traders are monitoring the September consumer price index report scheduled for Wednesday and a planned Friday address by Federal Reserve Chair nominee Kevin Warsh.
How did spot Bitcoin ETFs perform last week?
Spot Bitcoin exchange-traded funds listed in the U.S. saw $681 million in net outflows last week, marking the largest weekly withdrawal since June.