Bitcoin Surges to $81,400 on Risk Asset Boost

Bitcoin's price surged on Thursday, reaching nearly $81,400, its highest intraday level since May 15.

The cryptocurrency's climb is being driven by a boost in risk assets following comments from Federal Reserve Governor Christopher Waller.

Waller stated that he would support holding interest rates steady at the central bank's upcoming meeting, assuming August inflation data continues to show progress.

This sparked a surge in crypto markets, with Bitcoin rising from overnight lows below $77,000 and briefly touching its highest intraday level since May 15.

Some experts are cautioning against calling it a bull market just yet, with Nicolai Søndergaard, Senior Research Analyst at Nansen, stating that 'My base case is that Bitcoin may have formed an important local bottom, but the cycle turn remains unconfirmed.'