The Crypto Report: Bitcoin and Ethereum enjoy bear rally following stellar day for US indexes

The crypto markets enjoyed a bear rally early Thursday following the biggest daily gain for the US indexes in over two years.

NASDAQ and the S&P 500 were lifted by a price rally on Microsoft and Alphabet following better-than-expected earning, sparking a 9.3% rise in Bitcoin to US$23,180 and a 13.3% rally on Ethereum to US$1,640.

Global crypto market capitalisation increased by over 8%, and now stands at US$1.06tln.

Decentralised finance (DeFi) protocols performed particularly well, with Uniswap and Synthetix both reaching over 20%, and Aave, Convex, Compound Finance and 1inch Network all enjoying double-digit gains.

Total value locked across the entire DeFi space rose by 4.8% to US$87.5bln.

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