Bitcoin Soars to Four-Month High on Rate-Hike Easing
Bitcoin surged to its highest level since May as dovish comments from Federal Reserve Governor Christopher Waller eased expectations of a September rate hike. The price jumped 6.8% to $82,200, with Ethereum (ETH) rising 4.3%, XRP gaining 5.8%, and Zcash (ZEC) leading major-cap gainers with a 16.2% jump.
The total crypto market capitalization rose more than 3.7% to $2.814 trillion, while US-listed spot Bitcoin ETFs recorded roughly $730 million in net inflows on September 3, their strongest single-day haul since January. Waller's comments sharply cut September rate-hike odds, with markets moving to roughly even odds of a hike, down from about 70% earlier in the week.
The move coincided with broad gains across risk assets, including the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average. The US dollar fell to its lowest level since May, and the two-year Treasury yield dropped three basis points to 4.34%. Safe-haven assets also moved higher, with gold futures reaching $4,526.20, up 2.53%.