Bitmine Immersion (BMNR) Falls 9% on US-EU Trade Worries

We recently published 10 Stocks Investors Are Dumping. Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) was one of the worst performers on Tuesday.

Bitmine Immersion fell by 9.37 percent on Tuesday to close at $28.24 apiece as investor sentiment was dampened by an overall market pessimism, triggered by renewed tensions between the US and the European Union.

Over the weekend, President Donald Trump threatened to impose 10 percent tariffs on goods from eight countries opposing his planned takeover of Greenland. The tariffs will take effect on February 1 and could rise to 25 percent if a deal is not made on June 1. Meanwhile, the EU said that it would retaliate with $108 billion in levies on American goods.

The uncertainties rattled global markets during the day, with investors embarking on a wait-and-see mode for further developments.

In other news, Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) announced that it raised its Ethereum holdings to 4.2 million tokens following the acquisition of 35,268 tokens last week.

“Ethereum’s price ratio to Bitcoin, or ETHBTC, has been steadily climbing since mid-October. In our view, this reflects investors recognizing that tokenization and other use cases being developed by Wall Street are being built on Ethereum,” said Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) Chairman Thomas Lee.

Also last week, Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) invested $200 million in Beast Industries, a company owned by vlogger, MrBeast, highlighting the company as the world’s largest and most innovative creator-led platform.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.