Bitcoin gained 0.28% to $91,878.30 on Wednesday, although it has crashed by almost a third since early October.
It comes as global shares rose while U.S. Treasury yields fell after weak economic data solidified expectations of a Federal Reserve interest rate cut.
Wall Street stocks advanced during choppy trading.
Energy, financial, and materials sectors led the gains, while technology and real estate shares proved a significant drag.
The Dow Jones Industrial Average rose 0.43%, the S&P 500 rose 0.05% and the Nasdaq Composite fell 0.12%.
The European STOXX 600 index rose 0.13%, with London’s FTSE index down 0.03% and Germany’s DAX up 0.13%. MSCI’s gauge of stocks across the globe rose 0.17%.
“We are expecting to see continued rebound because the companies that have been the leaders up until the summer seemed to have paused and they’re bouncing off support levels, and so it still looks very productive and positive for the rest of the year,” said Tom Plumb, chief executive and portfolio manager at Plumb Funds in Madison, Wisconsin.
Data showed that U.S. private employment decreased by 32,000 jobs last month compared to an estimate of a 10,000 jobs growth according to economists polled by Reuters.
The yield on benchmark U.S. 10-year notes fell 1.5 basis points to 4.073%. The 2-year note yield, which typically moves in step with Fed expectations, fell 1.6 basis points to 3.5%.
Markets are pricing in an 89% probability of a 25 basis point interest rate cut at the Fed’s next meeting, according to the CME’s FedWatch tool.
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“The consensus is that the Fed is going to lower (the) interest rate next week and I don’t see any reason to question that at this point,” Plumb added.
President Donald Trump said he would be announcing his pick to succeed Jerome Powell as Fed chair early in 2026. White House economic adviser Kevin Hassett has emerged as the frontrunner to become the next Fed chair.
In currency markets, the euro hit a six-week high against the dollar, boosted by data showing an expansion in euro zone business activity. The single currency was last up 0.33% at $1.1661.
The U.S. dollar index was headed for a ninth straight session of declines against major currencies weighed down by rate cut expectations. The index fell 0.39% to 98.92.
Against the Japanese yen, the dollar weakened 0.47% to 155.11. In commodities, the 1% rise in oil prices came as markets weighed faltering Russia-Ukraine peace hopes. An end to the war would probably lead to sanctions changes and ultimately more Russian oil in global markets.
Brent crude futures rose 1.18% to $63.19 a barrel, with U.S. crude rising 1.4% to $59.46 per barrel.
Spot gold rose 0.22% at $4,216.57 an ounce.