Bitcoin climbed above key levels as crypto stocks rose on Fed rate expectations and AI-driven data center demand.
Bitcoin surged past $65,000 early Thursday, lifting crypto-related equities ahead of Coinbase’s quarterly earnings report. Miners and data center stocks also gained on Federal Reserve rate cut expectations and increased AI spending by major tech firms.
The rally follows a period of volatility in crypto markets, with bitcoin recovering from a mid-July sell-off. Analysts attributed the move to broader risk-on sentiment and anticipation of dovish Fed policy. Coinbase and MicroStrategy (MSTR) are set to report after the close, with traders eyeing guidance amid mixed sector performance.
Crypto stocks outperformed broader markets, though Robinhood’s recent earnings beat highlighted strength in trading volumes despite crypto headwinds.