Bitcoin (BTC $87,977.06) surged early Wednesday, reclaiming the $90,000 level for the first time since last weekend, following the U.S. market open.
Several factors may have supported the move. Precious and industrial metals extended their gains, with silver up roughly 5% to a record above $66 per ounce, while gold and copper each rose more than 1%, reinforcing a risk-on sentiment.
Dovish remarks from current Fed Governor Chris Waller, the leading prediction market favorite for the next Federal Reserve chair, likely added to bullish sentiment. Waller suggested the neutral federal funds rate is 50–100 basis points below current levels, highlighted that U.S. job growth is near zero, and expressed doubts about an inflation rebound.
Coinglass data showed BTC open interest declining slightly from 669k to 665k, suggesting the rally was fueled by short-covering rather than new leveraged buying—a typical deleveraging move.
Bitcoin has risen about 3% over the past 24 hours, a modest gain that still provides relief for bulls accustomed to volatile swings during U.S. trading hours. Meanwhile, major U.S. stock indices were largely unchanged, and the 10-year Treasury yield fell two basis points to 4.15%.
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