Bitcoin Is Rising and It’s Not Just Nvidia Brightening the Mood for Risky Assets

Bitcoin and other cryptocurrencies were rising Thursday, looking to follow stocks higher amid an upbeat mood for risk-sensitive assets. Blowout earnings from Nvidia have brightened the mood as has the outlook for interest rates.

Bitcoin has shown in the past to be correlated to the technology stock-heavy Nasdaq 100 stock index, which—alongside the Dow Jones Industrial Average and S&P 500 —was poised to surge on Thursday, likely giving cryptos a lift. To thank for the mood are, in part, “beat and raise” results late Wednesday from chip maker Nvidia , which continues to lead equities and especially tech stocks higher amid an investor frenzy over artificial intelligence.

But it’s not just Nvidia. Risk sentiment is picking up speed amid a fall in bond yields from multi-decade highs—a more macro trend that is particularly important for cryptos. However, yields have slipped back across the curve, with the yield on the benchmark 10-year U.S. Treasury falling to 4.18% on Thursday after topping 4.35%—the highest levels since 2007—earlier in the week. Growing fears of a “hard landing”—that the Fed cannot bring inflation under control without causing an economic slowdown—amid a spate of downbeat economic data have been pressuring yields. This has, in turn, spurred bets that the Fed will be more accommodative.

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