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Bitcoin rebounds above $77,600 as Fed hike odds slip
CoinDesk reports Bitcoin gained about 1.5% after buyers defended investors’ average active cost basis near $76,350, while XRP rose nearly 3% and Ether lagged.
Bitcoin edged back above $77,600, climbing about 1.5% after buyers defended the roughly $76,350 average cost basis of active investors, according to CoinDesk. The rebound did not show strong spot-market support, as exchange inflows rose, spot Bitcoin ETFs reportedly lost about $236 million, and stablecoin supply stalled.
The timing of the move is tied to expectations for the Federal Reserve’s September meeting. CoinDesk said Friday’s jobs report could shape rate expectations, and a weak reading could help put $80,000 within reach, while Bitcoin traded just above $77,600 in Asian morning hours Thursday after hitting a 24-hour low near $76,400 in late U.S. hours.
Other majors moved broadly higher, with XRP leading at about $1.36, up almost 3%, while BNB added about 2% to just under $692 and solana rose about 2% to hold the $100 level. Tron gained about 1% to roughly 33 cents, hyperliquid’s HYPE was roughly flat just above $82, and Ether lagged at just under $2,400, leaving Ether down almost 4% over seven days.
CoinDesk also tied wider market conditions to crypto prices, noting renewed U.S. strikes near the Strait of Hormuz lifted crude and revived the inflation trade. That push took the ten-year Treasury yield to just above 4.8% and firmed the dollar index to just under 100, while CME FedWatch put the odds of a quarter-point hike on Sept. 16 at just above 62%.
Latest closeWTI crude $90.70 ▲0.5%|Bitcoin $77,563.82 ▲0.2%|Solana $100.17 ▲0.2%