Bitcoin Surges Past $80,000 as Fed Cools Rate Hike Expectations
Bitcoin (BTC) has reclaimed the $80,000 mark after Federal Reserve Governor Christopher Waller tempered expectations of a September rate hike. The cryptocurrency climbed to $81,749 on Thursday following Waller's comments, but lost momentum at key resistance levels.
The rally was also fueled by weakening US dollar and Treasury bond yields, which created a conducive environment for risk assets like Bitcoin. Corporate demand has also provided additional support, with Strive CEO Matt Cole revealing the company could purchase over 20,000 BTC by the end of the year.
Waller's comments put the focus on the upcoming August Consumer Price Index (CPI) data, which will influence interest rate decisions. A favorable reading could keep rates stable, while a higher-than-expected inflation number may lead to a hike.