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,

U.S.-listed crypto shares jumped before the open on Thursday after a half-percentage point interest rate cut sparked a flight into risky assets, adding to the momentum of an industry that has already secured some big wins this year.

Bitcoin market analysts are forecasting that the value of the world’s largest cryptocurrency might soar in the wake of the U.S. Federal Reserve’s jumbo-sized interest rate cuts on Wednesday. An hour after the Federal Reserve’s historic announcement declaring that interest rates would be slashed by a half-percentage point on Wednesday,