Bitcoin
Bitcoin Recovers Toward $84,500 as Broader Crypto Market Bounces
Bitcoin and major altcoins advanced as broader financial pressures eased, lifting total market capitalization to $2.82 trillion.
Bitcoin traded near $84,500 on Wednesday, gaining 2.5% over a 24-hour period after recovering from a mid-month drop below $80,000. The broader cryptocurrency market capitalization grew by 2.2% to roughly $2.82 trillion to $2.9 trillion. Major altcoins also advanced, with Ethereum rising 2.5% to $2,504, Solana gaining 2.2% to $108.18, and BNB adding 2% to $749. XRP climbed 4.1% to $1.37, while Zcash jumped 11.2% to $1,332.
Sentiment improved slightly alongside the price bounce, with the Crypto Fear & Greed Index moving up three points to 55, placing it in neutral territory. The rebound coincided with mild easing in macroeconomic pressures, including Brent crude pulling back slightly near $108 a barrel and the 10-year U.S. Treasury yield moderating from 5.09%.
Inflation and monetary policy remain significant factors for risk assets. U.S. consumer prices climbed 3.7% year-over-year in September, topping forecasts of 3.6%. The Federal Reserve's benchmark rate stands at 3.75% to 4%, with CME FedWatch pricing an 80% likelihood of unchanged rates at the October 28 meeting, alongside market expectations of a rate hike on December 9.
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