Crypto Overview: Bitcoin clears $80,000 on reduced rate hike odds – Zcash, Ethena rise

• Bitcoin hovers around $80,000 on Friday, following a 5% jump the previous day for the highest daily close since May 11.
• Christopher Waller signaled support for a potential pause in interest rates on Thursday, lowering the odds of a rate hike in September.
• Zcash and Ethena emerge as top performers over the last 24 hours.

Bitcoin (BTC) is trading above $80,000 on Friday, sustaining the broader cryptocurrency market's risk-on sentiment. Federal Reserve (Fed) Governor Christopher Waller signaled support for a potential pause in interest rates on Thursday, lowering the odds of a September rate hike to 50%. Zcash (ZEC) and Ethena (ENA) emerge as top performers over the last 24 hours.

Dovish Fed fuels Bitcoin’s recovery

US Fed Governor Christopher Waller could support a pause in rate hikes to keep the policy rate steady at the September policy meeting if the August inflation data suggest easing pressures, as previously reported by FXStreet. The dovish comments lowered the odds of a rate hike to 50%, from nearly 70% earlier this week. 

Bitcoin trades above $80,762 at press time on Thursday, maintaining a bullish near-term bias after a 5% rise the previous day. The King Crypto holds well above the 50-, 100-, and 200-day Exponential Moving Averages (EMAs), which cluster between roughly $69,700 and $72,500.