U.S.-listed crypto shares jumped 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.

The global crypto market turned green after a long period of anticipation building around the expected Federal Reserve rate cuts. The cumulative crypto market cap gained by almost 3% over the last day to stand at $2.

The cryptocurrency market experienced a significant rally on Thursday, just one day after the Federal Reserve made the surprise move to cut interest rates by half a percentage point, marking the first such reduction in over four years.