Bitcoin Approaches $81K as Markets Await Fed Decision, ZEC Gains 8%

Major cryptocurrencies outperformed Bitcoin, while technology stocks continued their upward momentum.

Bitcoin rose nearly 2% to just below $81,000 during Asian trading on Wednesday, recovering from its weekend decline toward $79,000 as investors prepared for the Federal Reserve’s interest rate decision later in the day.

Zcash (ZEC) led gains among major cryptocurrencies, climbing 8% to approximately $1,320 and moving back above the $1,300 mark following Monday’s sell-off. Hyperliquid’s HYPE token advanced nearly 5% to around $81. XRP and Dogecoin (DOGE) each gained roughly 3%, while Ethereum rose 2% to just above $2,350. Solana (SOL) added about 2% to reach $102, and BNB increased 1%. TRON (TRX) underperformed, posting a gain of less than 1%, according to CoinDesk data.

The recovery followed a statement from Galaxy advising investors that the current market conditions could present an opportunity to accumulate Bitcoin.

“We think the bear market ended in June and that bitcoin is in the accumulation phase that has preceded every prior advance,” Alex Thorn, head of firmwide research at Galaxy, wrote in the note.

Thorn argued that Bitcoin likely established its bottom in June, when its price fell below $58,000. He cited the cryptocurrency’s return above its 50-week moving average, which tracks the average of its closing prices over the previous 50 weeks and is commonly used to assess longer-term market trends.

He also pointed to easing selling pressure and rising U.S. government debt as factors supporting his outlook. However, his assessment remains bullish at a time when Bitcoin has struggled to maintain prices above $80,000.

Attention now turns to Federal Reserve Chair Kevin Warsh’s press conference, where traders will look for clues about the possibility of another interest rate increase in December.

Higher interest rates generally increase borrowing costs and can reduce demand for riskier investments, including cryptocurrencies, as investors reassess where to allocate their capital.