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US-listed crypto stocks jump after bumper rate cut from Fed

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U.S.-listed crypto 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.

FILE PHOTO: A woman sits by a Bitcoin sign at the Bitcoin Plaza, in Ilopango, El Salvador, May 21, 2024. REUTERS/Jose Cabezas/File Photo

"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." Cryptocurrency exchange Coinbase Global jumped 4 per cent and software firm MicroStrategy, one of bitcoin's biggest corporate backers, gained 5 per cent.

However, that turned choppy in recent weeks with investors drifting in and out of the sector amid shifting odds of a Republican win in the upcoming presidential election.

 

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