- Published on
Bitcoin nears $81,000 ahead of Fed decision as ZEC jumps 8%
- Authors
- Name
- DeepHorus
Bitcoin rose nearly 2% to just under $81,000 on Wednesday morning in Asia, recovering from a weekend slide to nearly $79,000. Traders awaited the Federal Reserve’s rate decision later in the day, with major cryptocurrencies broadly advancing. The move came as tech stocks extended a climb, supporting risk appetite.
Zcash led the majors, jumping 8% to about $1,320 and returning above $1,300 after Monday’s selloff. HYPE added nearly 5% to about $81, while XRP and DOGE rose roughly 3%. Ether gained 2% to just above $2,350, and SOL climbed about 2% to $102, according to CoinDesk data. BNB rose 1%, while TRX lagged with a gain of less than 1%.
The rally followed Galaxy’s advice to investors that now is the time to accumulate bitcoin. Alex Thorn, head of firmwide research at Galaxy, said the firm believes the bear market ended in June. He said bitcoin has entered an accumulation phase that preceded every prior advance.
Thorn pointed to bitcoin’s move back above its 50-week moving average, lighter selling pressure, and rising U.S. debt. He said the bottom likely occurred in June, when bitcoin traded under $58,000. That is a confident call for a market that has struggled to hold $80,000.
Traders are now watching for signs of a December rate increase, which would make borrowing more expensive and tends to pull money from riskier assets such as crypto. Fed Chair Kevin Warsh’s press conference will be scrutinized for any hint of tighter policy. A daily bitcoin close above $82,500 could signal that the recovery is gaining momentum.
For now, the near-$81,000 level leaves bitcoin close to a key test. Investors are weighing Fed guidance against improving crypto sentiment. The market’s next move may depend on whether Warsh signals a hike or reassures traders about the policy path.
