Crypto Stocks Jump After Bitcoin Rises 5%

Crypto-related stocks surged Thursday as Bitcoin approached the $80,000 level and traders scaled back expectations for a Federal Reserve rate increase later this month.The crypto strength lifted related equities. Strategy jumped 10%, Galaxy Digital (GLXY) grew 10%, Coinbase Global rose 9%, and Robinhood Markets surged 15%.The probability of a 25-basis-point hike at the Federal Open Market Committee's Sept. 15-16 meeting declined to 50.4% from 63.2% on Wednesday, based on CME FedWatch data. The shift came after jobless claims rose more than expected, signaling potential labor market weakness. Fed Governor Christopher Waller also indicated he would support keeping rates unchanged if August inflation cools.Bitcoin climbed more than 5% over the past 24 hours to about $79,800 in morning trading. Ethereum (ETH-USD) advanced 2.8% to roughly $2,460, while Binance Coin jumped 34% to $719.30 and XRP (XRP-USD) gained 6.6% to $1.42.Robinhood's rally came as its chain generated $4.32 million in revenue over the last 24 hours, surpassing Solana's $3.98 million, Hyperliquid L1's $1.9 million, and Ethereum's $1.75 million, according to DeFiLlama.