according to materials from the website -
By COINTURK NEWS

On Friday, shares of the American company BitMine Immersion Technologies Inc. (NASDAQ: BMNR) rose significantly. This increase was largely driven by optimism in the market following statements made by the Chairman of the Federal Reserve, Jerome Powell. His remarks contributed to the rise of shares in companies like BitMine, which have started accumulating cryptocurrency reserves.

Jerome Powell's assumptions about a potential interest rate cut sparked positive sentiments, especially regarding digital assets and secondary markets. Following his speech, an increase in cryptocurrency values was recorded, drawing investors' attention to riskier assets.

According to Powell's statement, a more accommodative monetary policy is expected in the near future, which strengthens market expectations. This forecast has provoked favorable dynamics not only in the stock prices of various companies but also in the prices of crypto assets. Market expectations regarding possible changes in monetary policy are often reflected in prices.

After Powell's comments, there was a sharp surge in the cryptocurrency market. Major cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC) showed significant price increases. At the time of the report's preparation, Ethereum had risen by more than 14%, while Bitcoin had increased by 3.76%.
Such activity in the cryptocurrency market reflects a growing risk appetite among investors. Analysts note that signals about changes in monetary policy can lead to sharp increases, especially in volatile markets such as cryptocurrencies.

The rapid rise of BitMine Immersion Technologies' shares is bolstered by the rally observed in Ethereum. The company has benefited from a consistently positive trend in the cryptocurrency market. For a company with a billion-dollar ETH reserve, it is quite natural to take advantage of a 15% increase in Ethereum's price. BMNR shares jumped by 12%, reaching $53.49, with the company's market capitalization exceeding $9 billion.

According to available data, BitMine owns 1.5 million ETH, making it the largest public company by reserve size. Comments from Fed member Musalem coincided with Powell's statements, noting that it is reasonable to foresee the impact of tariffs on inflation and consider the possibility of rate cuts if employment continues to decline in September, which would provide additional support for cryptocurrencies. Over the past weekend, cryptocurrencies may reach new highs.

BitMine, the company with the largest ETH reserves, demonstrated a 12% increase today, aided by Ethereum reaching its all-time high (ATH). While a double-digit daily gain is unusual for most stocks, it is not surprising for companies associated with cryptocurrencies.


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