Why Is Crypto Going Up Today? One Fed Comment Sent Bitcoin Back Above $81K

Bitcoin recovered above $81,000 as investors rapidly changed their expectations for Federal Reserve policy. The wider crypto market also gained about $112 billion as Treasury yields fell and the dollar weakened.

Christopher Waller’s latest comments became the main catalyst. For investors asking why crypto is going up today, the answer starts with falling expectations for another immediate Fed rate hike.

Related: Bitcoin Reclaims $81,000 as Fed Hike Bets Fade, Zcash Explodes 16%

Why Is Crypto Going Up Today?

The crypto market today is reacting to a sudden improvement in the macro outlook. Traders now see a better chance that the Federal Reserve will leave interest rates unchanged in September. That shift encouraged investors to increase exposure to Bitcoin and other risk assets.

Bitcoin Reclaims $81K as Crypto Market Gains $112 Billion

Bitcoin rebounded from below $77,000 and pushed above $81,000 during the latest rally. The move added more than $4,000 to BTC▲$62,630.00 from its intraday low.

Meanwhile, the total crypto market gained roughly $112 billion. Ethereum, XRP▲$1.13, Solana and other major assets also moved higher, showing that demand extended well beyond Bitcoin.

Fed Rate Hike Odds Fall After Waller’s Comments