Bitcoin Rally and ‘Short Memories’ Reignite Everything in Crypto

Bitcoin’s rally to near a record high is reawakening animal spirits — not just in the cryptocurrency market itself, but in the broader financial world that had left the digital asset sector for dead last year.

The change of heart can be seen in the improved outlook for deal flow, highlighted by Robinhood Markets Inc.’s purchase of crypto exchange Bitstamp Ltd. on Thursday, to a resurgence of venture-capital investments to what some analysts are expecting to be record amount of initial public offerings of companies connected to the industry.