Bitcoin {{BTC}} has once again reached levels not seen in nearly two months, surpassing $65,000 in the U.S. morning hours on Thursday.

- The cryptocurrency was trading at $65,400, up 2.7% in the past 24 hours.

- The CoinDesk 20 Index is up 1.6%, with Cardano {{ADA}}, Avalanche {{AVAX}}, and NEAR Protocol {{NEAR}} outperforming Bitcoin, but Ethereum {{ETH}} has performed modestly.

Bitcoin's rally began last week after the U.S. Federal Reserve cut interest rates by 50 basis points. Another cut is expected at its next meeting on Nov. 7.

- China is considering injecting up to 1 trillion yuan ($142 billion) into its largest state-owned banks to revive the economy.

- The Shanghai Composite Index rose 3.6%, European stocks rose 1%, and US stocks also gained.

Precious metals prices also rose, with gold hitting a record $2,700 an ounce and silver hitting a 12-year high.

- BTC's rise has fueled interest in spot bitcoin ETFs in the US. BlackRock's iShares Bitcoin Trust (IBIT) saw $185 million in inflows on Wednesday and $98.9 million the day before.