Bitcoin Blasts Past $80,000 as Fed Hike Odds Plummet

Bitcoin has rallied above $80,000 after traders sharply reduced their bets on a Federal Reserve rate increase this month. According to the CME FedWatch tool, the odds of a hike at the September meeting now sit at roughly even, down from above 63% earlier in the week.

Fed Governor Christopher Waller's comments on Thursday provided the catalyst for the move. He stated that he could support holding rates steady this month, which led to bond yields falling and Treasuries and gold holding their gains.

The broader crypto market has also seen significant gains, with Zcash up over 16% in 24 hours, and other major tokens such as Hyperliquid's HYPE, XRP, ether, BNB, solana, and TRON all seeing increases of around 3-4%. US spot bitcoin exchange-traded funds took in about $730 million on Thursday.