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Bitcoin returns above $80,000 as Fed-hold odds rise
Fed Governor Christopher Waller said he could support keeping the federal funds rate unchanged in September if the next two weeks of data hold.
Bitcoin traded back above $80,000 on Thursday after Federal Reserve Governor Christopher Waller signaled he could support holding rates steady in September, helping reverse a week in which traders had boosted odds of an increase.
Waller tied his view to upcoming data, saying his stance would be heavily influenced by what comes out on August inflation, with the August CPI due Sept. 11, four days before the FOMC meeting.
The market reaction cut back bets on a September hike on Polymarket, where the probability for an increase fell to 43% from 59% after Waller’s comments, while bitcoin rose 4.8% to $80,510 over 24 hours.
Broader risk assets also moved higher, with gold up 2% and the S&P 500 up 0.46%, while CoinGecko data put total crypto market value at $2.74 trillion and bitcoin dominance at 58.93%.
Latest closeGold $4,431.70 ▲1.9%|Bitcoin $81,004.44 ▲4.8%|S&P 500 7,666.60 ▲0.5%