Iran War Fallout Hits Crypto Equities – BMNR Stock Defies Sell-Off After Ethereum Hits $2,000

Ethereum led gains among crypto majors, gaining around 2.2% in the last 24 hours to cross $2,000.

• The broader stock market was in the red during pre-market trade as uncertainty in the Middle East continued to weigh on equities. 
• The cryptocurrency market held steady on Monday morning, climbing back above $2.4 trillion, and Ethereum rose to touch $2,000.
• Tom Lee-backed Bitmine rose in pre-market trade following Ethereum higher, while other crypto-linked stocks followed the equity market.

Crypto equities slid lower in pre-market trade on Monday despite the cryptocurrency market moving higher, but Tom Lee-backed Bitmine Immersion Technologies (BMNR) defied the broader trend as Ethereum’s (ETH) price climbed back over $2,000.

BMNR’s stock rose as much as 2% in pre-market trade, while the rest of the stock market dipped amid rising geopolitical tension between the U.S. and Iran. On Stocktwits, retail sentiment around BMNR dipped to ‘neutral’ from ‘bullish’ territory over the past day.

BMNR retail sentiment and message volume on March 9 as of 6:15 a.m. ET | Source: Stocktwits

Meanwhile, other crypto-linked equities followed the market. Coinbase (COIN) fell as much 1.14% in pre-market trade while Michael Saylor-backed Strategy (MSTR) stock edged 0.4% lower. Crypto miners, including Bitfarms (BITF), HIVE Digital (HIVE), and MARA Holdings (MARA), slid around 1% in pre-market trade. Riot Platforms (RIOT) fell as much as 1.5%. 

BMNR Stock Follows Ethereum’s Price Higher

BMNR outperformed its crypto peers after Ethereum’s price rose 2.2% in the last 24 hours, crossing $2,000 on Monday morning and leading gains among the top 10 cryptocurrencies by market capitalization. On Stocktwits, retail sentiment around the leading altcoin fell to ‘bearish’ from ‘neutral’ territory over the past day. 

ETH retail sentiment and message volume on March 9 as of 6:15 a.m. ET | Source: Stocktwits

Bitmine is the largest corporate holder of Ethereum on its balance sheet. It currently holds around 4.4 million ETH, valued at $8.96 billion. The company usually announces its purchases of Ethereum over the past week, later in the day.

Bitcoin (BTC) edged 0.2% higher in the last 24 hours, trying to break past resistance at $68,000, and the overall cryptocurrency market gained 0.7% to cross $2.4 trillion. However, the stock market did not show the same strength. 

The SPDR S&P 500 ETF (SPY) fell 0.97% in pre-market trade, while the SPDR Dow Jones Industrial Average ETF (DIA) and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) plummeted more than 1% each over uncertainty in the Middle East. 

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