Bitcoin Soars 6.8% to Four-Month High on Rate-Hike Easing

Bitcoin surged to its highest level since May, reaching $82,240 on Friday, after Federal Reserve Governor Christopher Waller's dovish comments eased expectations of a September rate hike. The price jumped 6.8% over 24 hours, pushing the total crypto market capitalization up by 3.7% to $2.814 trillion.

The rally was triggered by Waller's statement that he would support holding the Fed's policy rate steady at the September meeting if incoming inflation data continued to cool. Swaps pricing shifted immediately, with markets moving to roughly even odds of a September hike, down from about 70% earlier in the week.

Ethereum rose 4.3%, XRP gained 5.8%, and Zcash led major-cap gainers with a 16.2% jump. US-listed spot Bitcoin ETFs recorded roughly $730 million in net inflows on September 3, their strongest single-day haul since January.

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%.