US-listed crypto stocks jump after bumper rate cut from Fed
shares jumped before the open 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% and was last trading at $63,177 on Thursday.
«There's over $6 trillion in money market funds, soon yielding 50 bps less,» said Matt Mena, crypto research strategist at 21Shares.
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View Details» «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.»
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