Bitcoin Reaches Highest Intraday Level Since May Amid Fed Rate Hike Speculation
On September 3, Bitcoin surged to nearly $81,400, its highest intraday level since May 15. The rally was driven by optimism over the possibility of a Federal Reserve rate hold at its upcoming meeting, fueled in part by comments from Fed Governor Christopher Waller. Traders increased their expectations for a pause in rate hikes following his remarks during an event with Reuters. Bitcoin's climb helped narrow its performance gap against U.S. stock benchmarks like the S&P 500 and boosted crypto-related stocks such as Robinhood (HOOD), MicroStrategy (MSTR), and Coinbase (COIN). Despite this rally, some analysts remain cautious about declaring a full bull market for Bitcoin. The cryptocurrency is currently down just 7% year-to-date compared to the S&P's over 10% gain. However, experts like Nicolai Søndergaard of Nansen suggest that while a local bottom may have formed, confirmation of a broader cycle turn remains pending.
Tickers: $HOOD
Topics: Bitcoin crypto markets Federal Reserve interest rates