Bitcoin Pumps as Fed Signals Rate Pause, $415 Million in Shorts Get Rekt

In brief

• Bitcoin reclaimed $80,000, trading near $80,270 and up close to 3% over 24 hours, as XRP, Ethereum, and BNB rallied alongside a broader stock market advance.
• Fed Governor Christopher Waller signaled Thursday he could support holding rates steady, pulling September rate-hike odds down to 50.4% from 63.2% a day earlier, per CME FedWatch.
• CoinGlass data shows more than $500 million in crypto liquidations over 24 hours, with short sellers accounting for over $415 million of that as rising prices forced them to buy back positions.

The crypto market—including Bitcoin and altcoins like XRP, Ethereum, and BNB—is riding a bullish wave of momentum in the U.S. stock market, seemingly triggered by fresh comments from the Federal Reserve, and sending short sellers to goblintown.

Bitcoin punched back above $80,000 on Thursday, trading near $80,270 and up close to 3% over the past 24 hours. Ethereum is closing in on $2,500, up 2.2% today, while XRP is up a whopping 6% in the last 24 hours. The spike has accounted for at least $327 million in liquidated short positions in the last hour alone, and more than $415 million in the past 24 hours.

The catalyst appears to be comments from Fed Governor Christopher Waller, who, in prepared remarks at a Reuters NEXT Newsmaker interview, said he'd be "inclined to support" holding the Fed's benchmark interest rate at its current level if upcoming inflation data keeps improving.