Crypto Stocks Soar as Bitcoin Hits $79k Amid Fed Rate Hike Concerns

Crypto-related stocks experienced significant gains on Thursday as Bitcoin approached the $80,000 level. The price of Bitcoin climbed more than 5% over the past 24 hours to around $79,800 in morning trading.

The Federal Reserve's decision to potentially keep interest rates unchanged was also seen as a contributing factor to the crypto strength. According to CME FedWatch data, the probability of a 25-basis-point hike at the September 15-16 meeting declined to 50.4% from 63.2% on Wednesday.

As a result, several crypto-related equities surged: Strategy MSTR jumped 10%, Galaxy Digital (GLXY) grew 10%, Coinbase Global COIN rose 9%, and Robinhood Markets HOOD surged 15%. The strong performance of these stocks was also attributed to their recent revenue generation. For example, Robinhood's chain generated $4.32 million in revenue over the last 24 hours, surpassing other top chains such as Solana and Ethereum.