Bitmine Immersion Technologies Inc. (NYSE:BMNR) Chair Tom Lee and Binance (CRYPTO: BNB) founder Changpeng “CZ” Zhao anticipated major momentum in cryptocurrency markets.
Ahead With a Green Light?
It all started when CZ posted an AI-generated, green night-vision photo of himself in bed, looking drowsy and surprised, in a nod to a popular meme. As if to suggest investors will be caught off guard when the cryptocurrency market turns green.
CZ’s post amplified an earlier post praising BNB Chain’s fundamentals and the BNB token’s long-term potential.
Lee endorsed CZ’s view, stating, “Agree, do you own enough crypto?”
Will the Rally Sustain?
Lee believes the cryptocurrency market has begun, maintaining his $150,000 target for Bitcoin (CRYPTO: BTC) and projecting $60,000 for Ethereum (CRYPTO: ETH) in a couple of years.
Lee is also putting the money where his mouth is. BitMine bought 17,362 ETH last week, pushing its total holdings past 6 million ETH, worth more than $16 billion at current prices.
The firm has bought ETH every week since it launched its treasury strategy in June of last year.
Major cryptocurrencies posted a strong rebound in September. That momentum has faded over the last week as Treasury yields have climbed.
| Cryptocurrency | 7-Day Gains +/- | 30-Day Gains +/- | Price (Recorded at 11:55 p.m. EDT) |
|---|---|---|---|
| BNB | -4.20% | +11.30% | $759.21 |
| Ethereum | -3.50% | +10.70% | $2,668 |
| Bitcoin | -3.90% | +7.30% | $83,334 |
Price Action: BitMine shares fell 0.19% in after-hours trading. The stock closed 0.41% lower at $26.73 during Tuesday’s regular trading session.
BMNR maintains a stronger price trend over the short, medium, and long terms, according to Benzinga’s Edge Stock Rankings.
See More: Top Growth Stocks
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