Bitcoin Jumps 6.8% to Four-Month High as Waller Eases Fed Rate-Hike Fears

• Bitcoin price jumped 6.8% to $82,200, its highest level since May.
• Fed Governor Waller’s dovish comments sharply cut September rate-hike odds.
• Total crypto market cap rose 3.7% to $2.814 trillion overnight.

Bitcoin’s price climbed to $82,240 early Friday European time, gaining roughly 6.8% over 24 hours and marking its highest level since May. 

The rally, which began late Thursday, was triggered by remarks from Federal Reserve Governor Christopher Waller that eased expectations of a September rate hike. 

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Markets will turn their attention to the US August jobs report, due Friday, September 4, at 8:30 a.m. ET. As the last major economic data point before the Federal Reserve’s September meeting, the report could be a key market catalyst later in the day

On September 3, Waller said 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 (ETH) rose 4.3%, XRP gained 5.8%, and Zcash (ZEC) led major-cap gainers with a 16.2% jump. The total crypto market capitalization rose more than 3.7% to $2.814 trillion.