Ethereum would reach Bit Mining's average purchase price if it falls another 200 dollars
Summary
- It stated that if Ethereum price falls another 200 dollars, it is expected to reach Bit Mining's average purchase price of 3,949 dollars.
- Bit Mining currently holds 2,151,000 ETH, and questions were raised about its capacity to make additional purchases if the price falls further.
- The analyst pointed out that Bit Mining has said it will not sell Ethereum in the short term, but that it is uncertain whether it would make additional purchases if the price falls below the average purchase price.
If Ethereum (ETH) price falls further, it is expected to reach the average purchase price of Nasdaq-listed Bit Mining.
On the 22nd (local time), an analyst at crypto-asset analytics firm Amber CN said on X (formerly Twitter), "If Ethereum price falls another 200 dollars, it could reach Bit Mining's average ETH purchase price." He said, "Bit Mining's ETH purchase price is 3,949 dollars, and it currently holds a total of 2,151,000 ETH."
However, questions were raised about Bit Mining's capacity to make additional purchases if Ethereum's price falls below its average purchase price. The analyst pointed out, "Bit Mining has stated that it will not sell Ethereum in the short term," but "if the price falls below the average purchase price, it is uncertain whether Bit Mining will carry out additional purchases."
As of 4:11 p.m., based on the Binance USDT market, Ethereum is trading at 4192 dollars, down 6.5% from 24 hours earlier.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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