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Bitcoin has traded as high as$82,000in the past 24 hours, before shedding some of its gains to most recently to trade at$80,718, up about4%over the past 24 hours. The momentum comes after traders sharply reduced their bets on aFederal Reserverate increase this month.
The odds of a hike at the September meeting now sit at roughly even, down from above63%earlier in the week, according to theCME FedWatchtool. Fed GovernorChristopher Wallersupplied the catalyst on Thursday, saying he could back holding rates steady. Bond yields fell on the remarks, and Treasuries and gold held their gains.
This story is an excerpt from the Unchained Daily newsletter.
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A September hold would not add liquidity, but it would lift the tightening risk that has capped rallies since spring.
The broader crypto market has rallied with Bitcoin withZcashas the standout, up over16%in 24 hours. Hyperliquid’sHYPEandXRPare each up close to4%, while ether and BNB are up4%and3%. Solana is also up nearly3%and TRON just over1%, the weakest of the majors. US spot bitcoin exchange-traded funds took in about$730 millionon Thursday
The seven-day picture is far flatter than the past 24 hours suggest, with bitcoin up roughly1%, ether and XRP close to unchanged, and solana and TRON both down nearly3%. Zcashis the exception, up23%.
Related Listen:A Technical Strategist Sees Opportunity in Bitcoin’s Quiet Market
Source: unchainedcrypto.com