US Cryptocurrency Stocks Surge on Bitcoin Rally and Dovish Fed Signals
US stocks related to cryptocurrencies surged at the open on Thursday, according to Zhitong Finance APP. Key players in the space saw significant gains, led by Strategy (MSTR.US), which jumped over 10%.
Robinhood (HOOD.US) and Circle (CRCL.US) also rose sharply, increasing by more than 14% and over 13%, respectively. Coinbase (COIN.US) advanced about 8% in the same period.
The rally was partly driven by Bitcoin's intraday gains, which approached the $80,000 mark. This price movement may have contributed to the enthusiasm for cryptocurrency-related stocks.
Federal Reserve Governor Christopher Waller signaled a dovish policy stance earlier this week, suggesting that interest rates might remain unchanged at the September monetary policy meeting if inflation trends continue.