U.S.-listed crypto shares jumped on Thursday after a half-percentage point interest rate cut sparked a flight into risky assets, adding to the momentum of an industry that has already secured some big wins this year.
The move could revive interest in bitcoin , the most popular cryptocurrency, which often sways the entire sector as investors chase higher returns and dump safe-havens.
The currency gained 4.5% and last traded at $62,959 on Thursday.
“There’s over $6 trillion in money market funds, soon yielding 50 bps less,” said Matt Mena, crypto research strategist at 21Shares.
“Bitcoin and other digital assets have historically thrived in low-interest-rate environments. This move could signal a return of liquidity, sparking a risk-on sentiment and fueling a sharp rally.”
Crypto miners Riot Platforms (RIOT.O), Marathon Digital (MARA.O), and CleanSpark (CLSK.O), rose 3.2%, 5.4% and 5.6%, respectively.
Cryptocurrency exchange Coinbase Global (COIN.O), jumped 5.7% and software firm MicroStrategy (MSTR.O), …