Bitcoin has held above the $122,000 (£91,312) mark over the past 24 hours, buoyed by signals from the US Federal Reserve that more interest rate cuts could be on the way.

Continued strong demand for spot bitcoin exchange-traded funds (ETFs) have also help lift bitcoin’s price.

The world’s largest digital asset by market capitalisation (BTC-USD) climbed past $123,000 in early Thursday trade before trimming gains to hover just above $122,000, up roughly 1% on the day.

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Despite bitcoin’s gains over the past 24 hours, and hitting an all-time high above $126,000 at the start of the week, investment platform Hargreaves Lansdown has taken a hard line against the cryptocurrency sector. Speaking to the Financial Times on Thursday the company warned against investors having digital assets as part of client’s portfolios.

“We do not think cryptocurrency has characteristics that mean it should be included in portfolios for growth or income and shouldn’t be relied upon to help clients meet their financial goals,” the firm said in a statement to the FT. It added that “bitcoin is not an asset class”.

The statement came just as the UK’s Financial Conduct Authority (FCA) lifted its four-year ban on allowing British retail investors to hold regulated crypto products.

However, Hargreaves Lansdown said it would conduct additional risk assessments before deciding whether to enable access to cryptocurrency exchange-traded notes (ETNs) on its platform.

The assessment of the cryptocurrency market from Hargreaves Lansdown comes amid a broader rally across digital assets, fuelled by dovish signals from the US Federal Reserve and strong inflows into spot bitcoin and ether ETFs.

On Wednesday, minutes from the Fed’s September meeting revealed that around half of policymakers expect two more rate cuts by the end of the year, marking a more dovish stance from the central bank.

Markets reacted with gains across equities, crypto, and commodities. On Wednesday, spot bitcoin ETFs saw $441m in net inflows, their eighth consecutive day of gains. Meanwhile, ether ETFs added another $69m, reflecting renewed investor appetite for digital assets.

Meanwhile, gold surged above $4,050 per ounce for the first time, up 11.7% this month and an astonishing 55% year-to-date, as fears over fiat currency debasement pushed investors toward hard assets.

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“Markets absorbed the week’s volatility and came out stronger. The Fed’s minutes were the catalyst bulls needed, confirmation that policy is leaning toward accelerated easing, not restraint. In response, both bitcoin and gold surged, reaffirming the broader hard-asset bid driving this cycle,” said Timothy Misir, head of research at BRN.