Shares of MARA Holdings (MARA), a leading crypto mining company, soared 5.1% in early trading on Thursday, lifted by a rally in Bitcoin and other major cryptocurrencies.
The crypto market surge came after the Federal Reserve's latest monetary policy meeting on Wednesday. While the central bank paused interest rate hikes, Fed Chair Jerome Powell's comments on crypto regulation were seen as a positive for the sector. Powell stated that banks are "perfectly able to serve crypto customers as long as they understand and can manage the risks," and added that "a greater regulatory apparatus around crypto" from Congress would be "very constructive."
With Bitcoin extending its gains by 1% to around $105,000 on Thursday and smaller tokens like Ether and Solana also climbing, crypto mining stocks like MARA Holdings benefited from the improved sentiment. Other mining shares such as Riot Platforms (RIOT) and Canaan (CAN) also traded higher, reflecting the market's optimism over the sector's prospects amid the broader crypto rally.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.