CoinDesk
Bitcoin rose nearly 2% to just under $81,000 as traders positioned ahead of the Federal Reserve's rate decision. ZEC led the major cryptocurrencies with an 8% jump to about $1,320, while HYPE gained nearly 5%, XRP and DOGE rose roughly 3%, and Ether and SOL added about 2% each.
Galaxy's head of firmwide research, Alex Thorn, said the Bitcoin bear market likely ended in June and that the asset has entered an accumulation phase that preceded every prior advance. Bitcoin traded below $58,000 at that potential low, then moved back above its 50-week moving average as selling pressure eased and U.S. debt rose.
Why it matters
The rebound is unfolding ahead of a major macro catalyst. Traders are listening for signals on a possible December rate increase, which would raise borrowing costs and typically reduce appetite for riskier assets such as crypto. That makes the Fed decision and Chair Kevin Warsh's press conference important tests for the current risk-on move.
The breadth of the rally is also notable. Gains extended beyond BTC into ZEC, HYPE, XRP, DOGE, Ether, SOL, BNB and TRX, although the size of the moves varied. The advance suggests improving appetite across crypto markets, but the Fed's rate path remains the central near-term variable.
Market impact
A daily Bitcoin close above $82,500 would indicate that the recovery is gaining momentum, according to the market view outlined in the report. Failure to hold the area near $81,000 would leave the rally exposed to a reversal if the Fed delivers a more restrictive signal.
A separate real-world-assets thesis in the market points to diversified RWA stablecoins sustaining 5% to 7% yields from real credit while crypto funding compresses to roughly 4%. The thesis argues that the GENIUS framework pushes yield generation off-chain and could expand the addressable market to $4 billion within three years, adding a longer-term RWA angle to the broader risk-on backdrop.
Frequently asked questions
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What is driving Bitcoin's move toward $81,000?
Bitcoin rose nearly 2% as traders positioned ahead of the Federal Reserve's rate decision and recovered from its weekend dip near $79,000.
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Which cryptocurrency led the major-coin gains?
ZEC led the major cryptocurrencies, jumping 8% to about $1,320. HYPE gained nearly 5%, while XRP and DOGE rose roughly 3%.
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What is Galaxy's view on Bitcoin's market cycle?
Galaxy's Alex Thorn said the bear market likely ended in June and that Bitcoin has entered an accumulation phase that preceded every prior advance.
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Why is the Federal Reserve decision important for crypto?
Traders are watching for signals on a possible December rate increase. Higher borrowing costs typically reduce appetite for riskier assets such as crypto.
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What Bitcoin level would signal stronger recovery momentum?
A daily Bitcoin close above $82,500 would indicate that the recovery is gaining momentum, according to the market view outlined in the report.
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