CoinDesk
Bitcoin rose 2% to just above $81,000 during Wednesday’s Asian morning, recovering from Monday’s dip below $80,000 as traders positioned for the Federal Reserve’s rate decision. Major altcoins also advanced, with HYPE up nearly 6% and ZEC gaining 5%.
Why it matters
The rally follows a broad sell-off on Monday, when Bitcoin fell below $80,000 for the first time in more than a week. Galaxy said Tuesday that it was time to accumulate Bitcoin. The firm’s head of firmwide research, Alex Thorn, said the bear market likely ended in June, when Bitcoin traded below $58,000.
Market impact
DOGE gained 4%, while BNB and SOL each rose about 3%. Ether climbed 2% to about $2,360, and XRP rose 3% to $1.32. TRX gained about 1%.
The next test is the Fed decision and Chair Kevin Warsh’s press conference. Traders will be watching for any hint of a December rate hike. Higher borrowing costs tend to weigh on riskier assets such as crypto, and Monday’s sell-off showed how quickly markets can react to rate-hike talk.
Frequently asked questions
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What did Bitcoin’s price do during Wednesday’s Asian session?
Bitcoin rose 2% to just above $81,000, recovering from Monday’s dip below $80,000.
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Which named assets led the altcoin gains?
HYPE gained nearly 6% and ZEC rose 5%. DOGE added 4%, while BNB and SOL each gained about 3%.
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What did Galaxy’s Alex Thorn say about Bitcoin’s bear market?
Thorn said the bear market likely ended in June, when Bitcoin traded below $58,000.
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What will traders watch for in Kevin Warsh’s press conference?
Traders will listen for any hint of a December rate hike from the Fed chair.
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Why could a December rate hike weigh on crypto?
Higher borrowing costs tend to pull money away from riskier assets such as crypto.
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