Stock Track | BitMine Immersion Technologies Plunges 11.59% in Pre-Market on Fed Chair Selection Concerns

Stock Track02-02 17:35

BitMine Immersion Technologies Inc. (BMNR) experienced a significant pre-market plunge of 11.59%, reflecting broader weakness in cryptocurrency-related stocks during the overnight session.

The selloff follows news that former Federal Reserve Governor Kevin Warsh has been selected as the next Fed chair, causing Bitcoin to fall to $76,889. Investors are concerned that Warsh, who has called for regime change at the central bank and a smaller Fed balance sheet, might tighten monetary policy and reduce liquidity in the financial system.

Cryptocurrencies have historically been viewed as beneficiaries of ample liquidity and a large Fed balance sheet, which has supported speculative assets. The prospect of a less accommodative policy environment has triggered a broad retreat in crypto-related equities, with BitMine among the most affected.

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