Bitcoin touched a three-week high alongside a jump in global equities as an outsized Federal Reserve interest-rate cut rippled across markets.

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.

Looser monetary policy could benefit bitcoin over the short term, analysts said, though that could reverse if the Fed turns negative on the economy. The price of Bitcoin (BTCUSD) jumped over $63,000 Thursday following a Federal Reserve interest-rate cut.