Monetary stimulus efforts in the U.S. and China have emerged as key drivers behind Bitcoin’s recent surge.

Bitcoin (BTC) soared past $65,000 on Thursday during U.S. morning trading, reaching levels not seen in nearly two months. At the time of writing, the world’s largest cryptocurrency by market cap was trading just below $65,400, marking a 2.7% gain over the last 24 hours. Meanwhile, the broader CoinDesk 20 Index saw a 1.6% rise, with Cardano (ADA), Avalanche (AVAX), and NEAR Protocol (NEAR) outperforming Bitcoin, while Ether (ETH) lagged slightly behind.

The rally began last week when the U.S. Federal Reserve surprised markets by cutting interest rates by 50 basis points, doubling the expected reduction of 25 basis points. It was the Fed’s first rate cut since the onset of the COVID-19 pandemic over four years ago. Speculation is building around another possible 50 basis point cut at the Fed’s next meeting on Nov. 7, according to the CME FedWatch Tool.

On Thursday, the immediate boost for Bitcoin and broader global markets came from China, where reports indicated that authorities are considering injecting up to 1 trillion yuan ($142 billion) into the country’s largest state-owned banks to help revive the struggling economy. The news fueled a 3.6% jump in China’s Shanghai Composite, setting the index on track for its best week in a decade. European stocks climbed roughly 1%, and U.S. markets, while off their earlier highs, also posted gains.

Precious metals responded to the news as well, with gold hitting a record high above $2,700 per ounce and silver reaching its highest level in 12 years.

Bitcoin’s surge has reignited interest in U.S.-based spot Bitcoin ETFs, which had been struggling in recent weeks. BlackRock’s iShares Bitcoin Trust (IBIT) saw substantial inflows on Wednesday, with investors adding nearly $185 million to the fund, according to Farside Investors. This followed an inflow of $98.9 million the previous day, reversing a trend of flat or negative flows during Bitcoin’s earlier price slump.