Bitcoin Back Above $80,000 as Traders Cut September Fed Hike Odds to a Coin Flip

Bitcoin has traded as high as $82,000 in the past 24 hours, before shedding some of its gains to most recently to trade at $80,718, up about 4% over the past 24 hours. The momentum comes after traders sharply reduced their bets on a Federal Reserve rate increase this month.

The odds of a hike at the September meeting now sit at roughly even, down from above 63% earlier in the week, according to the CME FedWatch tool. Fed Governor Christopher Waller supplied the catalyst on Thursday, saying he could back holding rates steady. Bond yields fell on the remarks, and Treasuries and gold held their gains.

A September hold would not add liquidity, but it would lift the tightening risk that has capped rallies since spring.

The broader crypto market has rallied with Bitcoin with Zcash as the standout, up over 16% in 24 hours. Hyperliquid’s HYPE and XRP are each up close to 4%, while ether and BNB are up 4% and 3%. Solana is also up nearly 3% and TRON just over 1%, the weakest of the majors. US spot bitcoin exchange-traded funds took in about $730 million on Thursday, according to SoSoValue data.

The seven-day picture is far flatter than the past 24 hours suggest, with bitcoin up roughly 1%, ether and XRP close to unchanged, and solana and TRON both down nearly 3%. Zcash is the exception, up 23%.

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