Bitcoin Reclaims $81,000 as Crypto Markets Bounce Back
Crypto markets rebounded on September 3 as Bitcoin reclaimed the $81,000 mark for the first time since May. The total crypto market cap increased 4.7% to $2.82 trillion, with Bitcoin rising 5.5% to $81,491.82 and Ethereum up 5.2% to $2,511.01.
The resurgence was driven by concerns about rising bond yields and lower odds of a Federal Reserve rate hike. Fed Governor Christopher Waller said he would support leaving rates unchanged as long as there's not a dramatic shift in inflation figures.
Bitcoin has gained almost 27% in the past month, with institutional funds returning to crypto markets. The crypto fear and greed index, which measures investors' mood, has moved from extreme fear a month ago to greed today.
However, cryptocurrency prices remain susceptible to macro factors in the near term, including inflation, interest rates, and geopolitical tensions.