Core Scientific, Inc. CORZ shares moved higher Wednesday as markets witnessed the first interest rate cut from the Federal Reserve in four years.
The Details: Bitcoin BTC/USD miner Core Scientific’s stock has climbed more than 20% over the past five days, as investors anticipated an interest rate cut.
The Federal Reserve announced a 50 basis points (bps) cut Wednesday, bringing the federal funds rate down to a range of 4.75%-5% and increasing the appeal of risk assets like stocks and cryptocurrencies.
Core Scientific shares climbed throughout Wednesday’s session and spiked to an intraday high of $12.48 just after the announcement from Fed Chairman Jerome Powell.
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Earlier this month, Core Scientific CEO Adam Sullivan shared plans with Bernstein analysts to significantly expand the company’s AI data center services, potentially boosting its valuation to a range of $25 billion to $30 billion.
According to data from Benzinga Pro, Core Scientific shares are trading above the stock’s 50-day moving average of $10.05 and just under its 52-week high of $12.25.
CORZ Price Action: According to Benzinga Pro, Core Scientific shares ended Wednesday’s session up 4.79% at $12.03.
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