Bitcoin Surges to Four-Month High as Fed Rate Hike Fears Ease

Bitcoin surged to its highest level since May after Federal Reserve Governor Christopher Waller's dovish comments reduced expectations of a September rate hike. The price jumped 6.8% to $82,200, lifting the total crypto market cap by 3.7% to $2.814 trillion.

The shift in Fed rate hike fears also weakened the US dollar and boosted risk assets. Other major cryptocurrencies like Ethereum and XRP saw significant gains as investors await the US August jobs report, which could influence the Federal Reserve's next moves and market direction.

Fidelity Digital Assets cautioned that the rally alone does not confirm the end of the bear market, despite Bitcoin surging above $81,000.