bitcoinFeature
Bitcoin climbs past $81,000 as majors rally before Fed decision
Bitcoin pushed past the $81,000 mark as major cryptocurrencies rallied ahead of the Federal Reserve's impending rate announcement.
HYPE spearheaded the broad upward movement, surging nearly 6% to settle just above $81, while ZEC saw a 5% gain, maintaining its valuation around $1,300.
Other notable movers included DOGE, which gained 4%, and BNB and SOL, both rising roughly 3%; BNB held near $760, and SOL surpassed $102. Ether climbed 2%, reaching about $2,360, and XRP saw a comparable 3% increase to $1.32.
According to CoinDesk data, TRX lagged this rally, registering only an approximate 1% increase. This current market sentiment contrasts sharply with Monday, when selling pressure touched nearly every major token, causing Bitcoin to dip below $80,000 for the first time in over a week.
This rebound follows a Tuesday statement from Galaxy, which suggested that now constitutes the opportune moment to accumulate bitcoin. Alex Thorn, the research head at the firm, noted that the bear market probably concluded in June when bitcoin traded below $58,000.
The real scrutiny arrives later Wednesday. Traders are keenly awaiting Fed Chair Kevin Warsh’s press conference, hoping for any indication of a December rate hike. Such a move would increase borrowing costs and typically siphons capital away from riskier assets such as crypto.
Monday demonstrated how rapidly selling accelerates when discussions about rate hikes intensify, and Warsh’s commentary arrives later this week.
Why it matters
The market rally is heavily influenced by anticipation surrounding the Federal Reserve's rate decision. Any hint of a December rate hike could pressure riskier assets like crypto. Traders are watching this closely after Monday's sharp sell-off when hike talk increased.
