Bitcoin surged 5% in the past 24 hours to as high as $28,474, retaking the $28,000 level after dipping below it on Monday.
Short-term government bonds of late present real competition for equities. But history suggests it might be a good time to buy stocks instead.
The Nextracker initial public offering, which had sought to raise up to $535 million, will likely be the biggest U.S. listing since October.
The cryptocurrency struggled to hold the $23,000 level in the previous session as the rally loses momentum.
Mainland China reported more than 31,000 Covid infections for Wednesday, including asymptomatic cases.
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