Today's aggressive rate cut, doubling the widely expected 25 bps reduction, signals deepening concerns about the health of the U.S. economy.

Cryptocurrencies rose as part of a broad market rally Thursday, one day after the Federal Reserve delivered a half-percentage-point reduction in interest rates, the first in more than four years.The price of bitcoin was recently higher by 5% at $63,

Bitcoin climbs 6% to $63,000 after the Federal Reserve cuts rates by 50 basis points, boosting investor optimism.

The Federal Reserve implemented a 50 basis point rate cut, with expectations of further reductions to bring the median benchmark rate to 4.4% by

The stock market is on fire on Thursday and that has extended to cryptocurrencies as well. Over the past 24 hours, the value of Bitcoin ( BTC 5.43%) jumped 6.5% at 1 p.m. ET to $63,700, Ethereum ( ETH 6.40%) is up 7.6% to $2,470, and Dogecoin ( DOGE 4.93%) is up 6.3% to $0.1068.

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By Niket Nishant (Reuters) -U.S.-listed crypto shares jumped on Thursday after a half-percentage point interest rate cut boosted risk appetite, adding to the momentum of an industry that has already secured some big wins this year.