Bitcoin has climbed back above $82,000 on Friday, recovering to about $82,350, up roughly 1% on the day. The bounce comes just a day after the price briefly slipped below $80,000 for the first time in about a month, touching a low near $79,700 during the inflation sell-off.
The drop was driven by hot US inflation data. September consumer prices rose about 3.7% from a year earlier, more than traders expected, and producer prices jumped about 1.3% in the month — the fastest rise since 2022. The numbers raised fears that the Federal Reserve could hike interest rates again, and nearly $940 million in leveraged crypto bets were wiped out as traders rushed to exit.
The mood changed after Fed officials sounded cautious about more rate hikes. Markets now see roughly a 73% chance that the Fed leaves rates unchanged at its next meeting, according to reports. US Treasury yields fell back and the dollar index dropped about 0.45% to near 102, taking pressure off Bitcoin and other risk assets.
Altcoins joined the recovery. Ethereum rose about 1.5% to near $2,450, XRP edged up to about $1.33 and Solana traded near $105. Among smaller coins, Aleo jumped more than 21% and Starknet gained about 13%, while Canton was the biggest loser among the top 100, down nearly 9%.
For traders, the recovery is encouraging but still fragile. Oil prices and inflation remain high, and the Fed's decision on October 28 is the next big test. Holding above $82,000 keeps short-term buyers in control, but another fall below $80,000 would put the recent lows back in danger.
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: Aju Press, CoinDesk, CryptoSlate, CryptoCompass, CoinMarketCap
Comments
Post a Comment