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Bitcoin (BTC-USD) continued to regain ground in late Thursday morning trading, though still remains below the $70K psychological threshold, after selling off early this week.
The world’s largest cryptocurrency by market cap (BTC-USD) climbed 4.6% to $66.5K, about 10% below its all-time high of $73.6K reached last week. Other major digital tokens gapped up, too, including ether (ETH-USD) +5.6%, cardano (ADA-USD) +5.3%, solana (SOL-USD) +7.9% and dogecoin (DOGE-USD) +15%.
The upswing coincides with the stock market’s rally, which comes a day after the Federal Reserve stuck to its guns by reaffirming its projection of three interest-rate cuts this year, downplaying concerns over recent hotter-than-expected inflation readings.
Bernstein analyst Gautam Chhugani turned more bullish on bitcoin (BTC-USD), raising year-end price target to $90K from $80K, as market participants await the halving event in April.
Crypto-related stocks were mixed at the time of writing. Bitcoin (BTC-USD) miners, including Marathon Digital (MARA) -1.1%, Riot Platforms (RIOT) -0.6% and Bitfarms (BITF) -0.5%, changed hands slightly in the red. Still, MicroStrategy (MSTR), the biggest corporate holder of BTC, perked up 6.4%, crypto exchange Coinbase (COIN) gained 5% and Bakkt (BKKT), a provider of crypto-based loyalty programs, jumped 12.3%.
