Bitcoin Jumps Again. Coinbase and Strategy Stocks Are Getting a Boost, Too.

Bitcoin is now trading at its highest level since mid-August. (GIUSEPPE CACACE/AFP via Getty Images)

Bitcoin was rising again on Thursday, boosted by weak private-sector jobs numbers that strengthened investors’ confidence that the Federal Reserve will cut interest rates later this month.

The world’s largest token was up 2% to $118,711 over the past 24 hours, according to data from CoinDesk. It’s now trading at its highest level since Aug. 13, according to Dow Jones Market Data.

Ethereum rose 2.4%, Solana gained 5%, and XRP added 3.4% over the past 24 hours, according to data from the Kraken crypto exchange.

Crypto stocks were getting a boost, too. Shares in the digital-asset exchange Coinbase climbed 1.8%, and Bitcoin investor Strategy, formerly known as MicroStrategy, was up 2% ahead of the opening bell. Futures tracking the S&P 500 were 0.2% higher.

The moves came after soft ADP private payrolls data published on Wednesday appeared to strengthen the case for Fed interest-rate cuts. Traders are now pricing in a 99% chance of a quarter-point reduction on Oct. 29, according to the CME FedWatch tool, up from 86% a week ago.

Cryptos tend to benefit when borrowing costs fall, because safer assets like bonds and savings accounts offer a lower yield. That incentivizes investors to pile into riskier assets, in search of higher returns.

Write to George Glover at george.glover@dowjones.com