Waller's Comments Spark 5% Bitcoin Rally as Rate Hike Odds Plummet
Bitcoin's recent price rally has been attributed to comments made by Federal Reserve Governor Christopher Waller, who indicated he would support keeping interest rates unchanged during the September meeting.
This shift in stance led to a 5% increase in Bitcoin's price on Thursday, with $730.8 million net flows into spot BTC ETFs also reported on the same day.
The rally has had a ripple effect across the crypto market, but it remains uncertain whether interest rates will remain unchanged or face a hike. According to the CME FedWatch Tool, the odds of a rate hike have dropped from 57% to around 50%.
Historically, the days surrounding the FOMC rate decision have been key price pivot points for Bitcoin. However, even if interest rates remain steady, it could still have a bearish impact on crypto markets.