Crypto-related stocks surged Thursday as Bitcoin approached the $80,000 level and traders scaled back expectations for a Federal Reserve rate increase later this month.

The crypto strength lifted related equities. Strategy MSTR jumped 10%, Galaxy Digital (GLXY) grew 10%, Coinbase Global COIN rose 9%, and Robinhood Markets HOOD surged 15%.

The probability of a 25-basis-point hike at the Federal Open Market Committee’s Sept. 15-16 meeting declined to 50.4% from 63.2% on Wednesday, based on CME FedWatch data. The shift came after jobless claims rose more than expected, signaling potential labor market weakness. Fed Governor Christopher Waller also indicated he would support keeping rates unchanged if August inflation cools.

Bitcoin climbed…