Bitcoin
Bitcoin Tops $80,000 as Fed Rate-Hike Expectations Drop Following Waller Remarks
Bitcoin advanced roughly 4% to trade above $80,000 after Fed Governor Chris Waller hinted at a potential pause in interest rate hikes.
Bitcoin rose approximately 4% on Thursday to trade above $80,000, reaching the threshold for the first time since August 28. The move accompanied a drop in the probability of a September Federal Reserve rate increase, which CME FedWatch measured at 48%, down from nearly 70% a day prior.
The shift in market expectations followed remarks from Fed Governor Chris Waller, who stated he would support maintaining current interest rates if upcoming August consumer price index data shows sustained progress toward the central bank's 2% target. Waller stated that underlying inflation is performing better than core figures suggest and dismissed concerns that energy costs and tariffs would drive persistent price pressure.
Market data highlighted evolving macroeconomic correlations during the period. Bitwise reported that the 90-day correlation between Bitcoin and gold reached a near six-year high, while Bitcoin exhibited an inverse correlation with the US Dollar Index. Concurrently, Glassnode data showed Bitcoin's 30-day correlation with the S&P 500 trending toward zero.
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