In their latest presentation, BitMine Immersion Technologies suggested an implied value of $60,000 for Ethereum (ETH), citing consultations with unnamed research firms.
The valuation comes amid ETH’s notable bullish rally. The price has surged 57% over the past month, even outpacing Bitcoin’s (BTC) 10% monthly gains.
BitMine’s $60,000 Ethereum Valuation
On Monday, BitMine, the largest public holder of ETH, launched ‘The Chairman’s Message.’ This monthly video series outlines the firm’s strategic vision for cryptocurrency investments.
Accompanying the presentation on X (formerly Twitter) was a slide titled ‘Potential Ethereum Network Value Summary,’ highlighting Ethereum’s potential implied value.
“We asked several research firms to give us ‘replacement’ value (of Wall Street) to value ETH. Implied value for ETH is $60,000. ETH currently ~$3,800,” the post read.
Ethereum Implied Value by BitMine. Source: X/BitMNR
The $60,000 valuation posits an 18-fold increase from ETH’s current market value. However, the firm’s post framed this as an illustrative projection.
Although this projection is hypothetical, it still highlights ETH’s significant potential. This confidence in ETH coincides with the second-largest cryptocurrency experiencing impressive gains recently.
BeInCrypto data showed that yesterday, ETH surpassed $3,900 for the first time since December 2024, further fueling its ongoing recovery. At press time, Ethereum was trading at $3,871, marking a slight decline of 0.50% over the past 24 hours.
Meanwhile, many market analysts are increasingly forecasting higher valuations for Ethereum’s price. In a latest post on X, Bitcoinsensus suggested that Ethereum is primed for a significant upside move, similar to what Bitcoin experienced in 2020.
The analyst observed that Ethereum could experience a breakout above a multi-year trendline. This, in turn, could lead to a price increase.
“ETH is showing relative strength for a breakout, after a multi-year pressure build up below this trendline. With enough momentum, the breakout could lead to much higher prices for Ethereum in the upcoming phase of this cycle,” the post read.
Moreover, Ethereum proponent Ted Pillows mentioned that the altcoin is currently undervalued. He argued that, based on the growth of the M2 money supply, Ethereum’s value should already be above $8,000.
“This shows how undervalued ETH is right now, and is probably one of the best trades out here,” Pillows said.
Meanwhile, analyst Mark highlighted that more investors are accumulating Ethereum. This is often seen as a sign of growing confidence in the asset’s future price potential.
“Ethereum’s accumulation ratio is on the rise again. After hitting a low in April 2025, the ratio has started to climb, indicating a potential increase in demand for ETH,” he noted.
This paints a bullish picture for ETH. Furthermore, the projections may not be too far-fetched, especially given a number of factors working in Ethereum’s favor.
“Ethereum moves slow then all at once. When institutions rotate, it won’t be subtle,” a market watcher remarked.
I’m excited about the upcoming weeks.
Things are looking very bullish right now.
Bitcoin’s dominance is dropping below 60%, which shows money is flowing into other coins.$ETH is going to break $4,000, boosted by strong demand from institutional investors.
A recent Cambridge report confirms that the United States now leads global Bitcoin mining, prompting questions about how China will respond. Though the country has long held an anti-crypto stance, Chinese mining pools have historically controlled a substantial portion of the global Bitcoin hashrate.
The US’s current competitive edge and renewed hostility over trade policy might motivate China to recapitulate. BeInCrypto spoke with representatives from The Coin Bureau and Wanchain to understand what might encourage China to change its stance toward digital assets.
US Overtakes China as Top Bitcoin Mining Hub
The US has firmly established itself as the world’s largest Bitcoin mining hub. A recent Cambridge Centre for Alternative Finance (CCAF) report revealed that the US accounts for 75.4% of the reported hashrate.
Global distribution of Bitcoin mining activity. Source: CCAF.
This newest development confirms a notable reversal of power over Bitcoin mining dominance. China emerged as the world’s leading Bitcoin mining nation as early as 2017, leveraging its extensive mining infrastructure and low electricity costs to contribute upwards of 75% of the global hash rate at one point.
Yet, the country would later crack down on the industry.
China’s Crypto Crackdown
In 2019, the National Development and Reform Commission of China (NDRC) signaled its intention to prohibit cryptocurrency mining by releasing a draft law categorizing it as an “undesirable industry.”
Two years later, at least four Chinese provinces began shutting down mining operations. These crackdowns intensified amid concerns over excessive energy consumption.
However, China possesses a proven capacity to adjust to geopolitical shifts that could jeopardize its economic dominance, and the current environment may present such a challenge.
Has Bitcoin Mining in China Truly Stopped?
Even with China’s official stance toward crypto, mining activity has not stopped within the region. In July 2024, Bitcoin environmental impact analyst Daniel Batten reported that the hashrate within China currently accounts for approximately 15% of the global total.
7/8
Bottom lines: 1. 15%+ hashrate still comes from China
2. If you have 200-500 miners and want to do renewable-energy mining, you’re welcome
3. This is particularly in Inner Mongolia, the Texas of China, which has a lot of wasted renewable power they want to monetize pic.twitter.com/r6QUgmLmjT
“Despite the official ban, the infrastructure is already in place: from offshore mining to cross-border trading hubs. With more global momentum behind crypto adoption and the US taking the lead, China may find itself incentivized to lean in more strategically, even if unofficially,” Nic Puckrin, Co-founder of the Coin Bureau, told BeInCrypto.
China also has a geographical advantage over the United States, especially regarding technological advancements.
Crypto mining, especially for proof-of-work cryptocurrencies like Bitcoin, depends on Application-Specific Integrated Circuit (ASIC) equipment to handle the necessary complex calculations for validation and mining.
China’s position as a top exporter of crypto mining hardware, particularly to the US, gives it a potential advantage should it decide to revive its mining sector.
Puckrin believes that the combination of trade friction and the US’s invigorated push for crypto dominance might be sufficient to make China reconsider its position.
“It’s unlikely China will make a public U-turn on its crypto mining and trading ban anytime soon. However, with US-based miners accounting for higher and higher proportions of Bitcoin’s hashrate, China is bound to be paying attention and may well be quietly reassessing its stance,” Puckrin told BeInCrypto.
However, China has strategies beyond restarting its Bitcoin mining industry to undermine the United States’ dominance.
China’s Nuanced Approach Beyond US Influence
Even though China opposes the widespread use of cryptocurrencies domestically, it may still see value in digital assets to counterbalance the US dollar’s global currency dominance.
Several countries worldwide have either adopted or are considering central bank digital currencies (CBDCs) to strengthen their domestic currencies. China is at the forefront of these developments.
“Despite the ban on Bitcoin mining, China has actively participated in the digital asset space, through initiatives like CDBC research and the digital yuan, or e-CNY,” Wanchain CEO Temujin Louie told BeInCrypto.
In fact, China’s efforts to create a digital yuan are partly driven by its desire to de-dollarize its economy and lessen its dependence on the US dollar.
Louie also suggested that whatever move China makes, it won’t solely base its decision on what the US does or does not do.
That said, China’s decisions about digital currency will, in turn, affect how its position on crypto continues to develop.
“Weakening USD dominance, whether exacerbated or caused by President Trump’s approach to tariffs, may embolden China to be more aggressive in [its] efforts to internationalise the yuan, including the digital yuan, or e-CNY. Any change to China’s broader strategy will be reflected in [its] stance towards crypto,” he concluded.
China’s activity in other areas of international trade already proves how nuanced its policy changes tend to be.
Could China’s Conflicting Crypto Policies Signal a Change?
Aside from its appreciation of digital currencies like the e-CNY, China’s stance on crypto has already proven somewhat contradictory. These discrepancies may fuel the belief that the country might just be willing to revert—or at least soften—its total ban on mining.
A month ago, investment firm VanEck confirmed that China and Russia –two countries particularly burdened by US sanctions– are reportedly settling some of their energy trades using Bitcoin.
Russia and China are settling oil trades in BTC. I’ve heard first hand accounts of similar transactions with Venezuela. Full tankers are settled in BTC on the “grey” market. The U.S. Government crossed the Rubicon in 2022 by seizing Russian assets at the Federal Reserve and… pic.twitter.com/Y8OwJROw9W
“With the US dollar increasingly being used as a political lever –particularly in tariffed economies– other nations are actively exploring alternatives. Indeed, many countries around the world, including China and Russia, are already using Bitcoin as an alternative for trading in commodities and energy, for example. This trend is only going to accelerate as digital assets become a more prominent part of the global economy,” Puckrin told BeInCrypto.
According to Puckrin’s analysis of these indicators, China’s “shadow crypto economy” is projected to expand this year, which could result in a reassertion of its power. This resurgence would be primarily in response to de-dollarization efforts, rather than a reaction to US dominance in mining.
“We’ll likely see this activity ramping up in the near future, especially as more countries use crypto to bypass dollar-dominated systems,” he concluded.
It will remain crucial to interpret China’s intentions, especially regarding cryptocurrency, by observing its actions rather than relying solely on its official statements.
Pi Network’s prolonged decline has extended into another week, with the token shedding nearly 16% of its value amid a broader market lull.
As macro uncertainty intensifies and Pi’s scheduled daily token unlocks continue to weigh heavily on sentiment, the downward pressure appears far from over.
Sellers Dominate as PI Falls Below Key Thresholds
Since reaching an all-time high of $3 on February 25, PI has recorded consistent weekly losses, with no significant demand inflows to halt the slide.
On the daily chart, the readings from the token’s Moving Average Convergence Divergence (MACD) indicator reflect the deepening bearish momentum. At press time, PI’s MACD line (blue) rests below the signal line (orange).
The MACD indicator identifies trends and momentum in its price movement. It helps traders spot potential buy or sell signals through crossovers between the MACD and signal lines.
As with PI, when the MACD line rests below the signal line, it indicates waning buying activity. Traders see this setup as a sell signal. Hence, it could exacerbate the downward pressure on PI’s price.
Moreover, PI’s negative Balance of Power (BoP) shows that sellers remain firmly in control. As of this writing, the indicator is at -0.12.
The BoP indicator measures the strength of buyers versus sellers in the market, helping to identify momentum shifts. When its value is positive, buyers dominate the market over sellers and drive newer price gains.
Conversely, negative BoP readings signal that sellers are dominating the market, with little to no resistance from buyers. This points to sustained downward pressure and weakening investor confidence.
For PI, the negative BoP readings reinforce the bearish outlook. It suggests that selling momentum may persist unless new demand emerges.
Pi Network Struggles Below Key EMA Level
Currently, PI trades at $0.53, exchanging hands below its 20-day exponential moving average (EMA), which forms dynamic resistance above its price at $0.56.
The 20-day EMA measures an asset’s average price over the past 20 trading days, giving more weight to recent prices. When an asset’s price trades below its 20-day EMA, it signals short-term bearish momentum and potential continued downside. If the bears retain control, they could drive PI’s price to revisit its all-time low at $0.40.
The past week has seen a notable surge in crypto trading activity, fueled by improving market sentiment and investor confidence. This uptick is reflected in the 3% increase in the global crypto market capitalization over the last seven days.
As attention returns to altcoins, several lesser-known tokens have emerged as standout performers. According to Coingecko’s data, here are three top gainers to keep an eye on for the third week of July:
Epic Chain (EPIC)
EPIC has surged by 155% over the past week and is currently trading at $2.50. On the daily chart, the altcoin’s Elder-Ray Index has consistently printed prominent histogram bars over the last four days, indicating strong accumulation by market participants.
The indicator stands at 2.28 at press time, reflecting sustained bullish momentum.
The Elder-Ray Index measures the strength of bulls and bears in the market by analyzing the difference between an asset’s price and its exponential moving average (EMA). A positive Elder-Ray reading occurs when the bulls are dominant, meaning the price is trading above the EMA, indicating strong buying momentum.
This suggests that EPIC buyers are in control and may continue to push prices higher in the short term. In this scenario, the altcoin could rally above $2.63.
However, if demand plunges, EPIC could reverse current gains and fall to $2.21.
Mango Network (MGO)
Layer-1 (L1) coin MGO is another top gainer to watch this week. Trading at $0.0272 at press time, the altcoin is up by 128% over the past week.
MGO’s triple-digit rally today has pushed its price above the 20-day exponential moving average (EMA). This key moving average now forms dynamic support below the token’s price at $0.017.
The 20-day EMA measures an asset’s average price over the past 20 trading days, giving weight to recent prices. When price trades above the 20-day EMA, it signals short-term bullish momentum and suggests buyers are in control.
MGO could extend its rally to trade at $0.029 if this continues.
However, if profit-taking resumes, the coin’s price could fall below $0.026.
ZORA
ZORA is one of the top crypto gainers to watch this week. At press time, the token trades at $0.0211, up by almost 90% in the past seven days.
Over the past 24 hours, ZORA has noted 40% gains. During the review period, the token’s trading volume surged by 293%, reaching $161.17 million. The increase in the token’s price and trading volume indicates strong bullish momentum and heightened investor interest.
This trend suggests that market participation is backing the price rally. If it continues, ZORA’s price could breach $0.0215 and climb toward $0.0253.
