Bitcoin climbs back near $81,000 as traders brace for Fed call under Warsh
Bitcoin clawed its way back to just under $81,000 on Wednesday morning in Asia, up nearly 2% and recovering from a weekend dip to almost $79,000, as traders waited on the Federal Reserve's rate decision later in the day.
The rebound was broad. ZEC led the majors with an 8% jump to about $1,320, back above $1,300 after Monday's selloff, while HYPE added nearly 5% to about $81. XRP and DOGE each rose roughly 3%, ether gained 2% to just above $2,350 and SOL climbed about 2% to $102. BNB rose 1% and TRX lagged with a gain of less than 1%, according to Token Times.
The bounce followed Galaxy's call to investors that now is the time to accumulate bitcoin. "We think the bear market ended in June and that bitcoin is in the accumulation phase that has preceded every prior advance," Alex Thorn, head of firmwide research at Galaxy, said in the note. Thorn put the likely bottom at June, when bitcoin traded under $58,000, citing its move back above the 50-week moving average, lighter selling pressure and rising U.S. debt — a confident call for a market that has struggled to hold $80,000.
Attention now turns to Fed Chair Kevin Warsh's press conference for any hint of a December rate hike. A hike would make borrowing more expensive and tends to pull money out of riskier assets such as crypto.
Beyond the majors, the source material points to diversified real-world-asset stablecoins sustaining 5-7% yields from real credit as crypto funding compresses to around 4%, with the GENIUS framework pushing yield off-chain and the addressable market growing to $4 billion over three years, according to Token Times.
