As expectations for a rate cut grew, the U.S. stock market in New York rebounded, causing the prices of virtual assets to rise simultaneously.
As of 8 a.m. on the 5th, Bitcoin was showing at $115,289, up 0.81% compared to 24 hours ago on CoinMarketCap, a global coin market tracking site.
Ethereum, the second-largest by market capitalization, has surged 6.43% to $3,730. Ripple is trading at $3.08, up 4.77%, while Solana is trading at $168, rising 4.23%. Additionally, other virtual assets such as Dogecoin and Stellar are also rising altogether.
This is interpreted as a rebound in the New York stock market, which had plummeted due to an 'employment shock,' recovering just a day later. On the 4th (local time), the New York stock market closed higher amid expectations for a rate cut in September. The Dow Jones Industrial Average rose 585.06 points (1.34%) to close at 44,173.64. The Standard & Poor's (S&P) 500 index closed up 91.93 points (1.47%) to 6,329.94, while the Nasdaq index surged 403.45 points (1.95%) to 21,053.58.