Bitcoin Soars Past $80,000 on Fed's Softening Interest Rate Path

Bitcoin surged past $80,000 for the first time in weeks after the Federal Reserve's softer interest rate path sparked a broad crypto relief rally.

The world's largest cryptocurrency jumped 6.03% to $80,947.85 by mid-afternoon Friday in London, adding $4,602.23.

Investors reacted positively to the Fed's decision, which implied only one additional rate hike for the remainder of the year, a signal traders interpreted as considerably less hawkish than some had feared heading into the meeting.

The rally extended beyond Bitcoin itself, with layer-2 and decentralized finance tokens leading a wide-ranging advance. Ninety-eight of the 100 constituent tokens in the CoinDesk 100 index advanced during the session.