Cryptocurrency Market Rallies as Investors Await Fed Policy Decision
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3h ago
0mins
Source: Benzinga
- Bitcoin Breakthrough: Bitcoin's price increased by 0.98%, surpassing $89,000, reflecting market optimism ahead of the Fed's policy decision, which also boosted shares of related companies like Strategy Inc. and Bitmine Immersion, rising 0.62% and 5.50%, respectively.
- Ethereum's Strong Rebound: Ethereum's price rose by 2.84%, breaking above $3,000, indicating investor confidence in its strong performance relative to Bitcoin, potentially attracting more institutional interest.
- Market Liquidation Overview: Nearly $300 million was liquidated in the past 24 hours, with $230 million in leveraged short positions wiped out, highlighting market volatility and investor sentiment, even as total market capitalization climbed back above $3 trillion.
- Stock Market Performance: The S&P 500 index rose by 0.41%, reaching a new high of 6,978.60, while gold prices increased by 1.80%, hitting an all-time high of $5,174, indicating a growing demand for safe-haven assets.
Analyst Views on BMNR
Wall Street analysts forecast BMNR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BMNR is 43.00 USD with a low forecast of 39.00 USD and a high forecast of 47.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 27.800
Low
39.00
Averages
43.00
High
47.00
Current: 27.800
Low
39.00
Averages
43.00
High
47.00
About BMNR
Bitmine Immersion Technologies Inc. is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. The Company operates in the cryptocurrency mining industry. Its business includes industrial scale digital asset mining, equipment sales and hosting operations. It is engaged in self-mining bitcoin for its own account, as well as hosting third party equipment used in mining of digital asset coins and tokens, specifically bitcoin. It conducts digital asset mining operations using specialized computers equipped with application-specific integrated circuit chips. Its data centers provide power, racks, thermodynamic management (heat dissipation and airflow management), redundant connectivity, 24/7 security, as well as software which provide infrastructure management and custom firmware that improves performance and energy efficiency.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
