According to CoinDesk: Bitcoin rose by about 2% to approach $81,000 during Wednesday morning trading in Asian markets, recovering from a drop to around $79,000 over the weekend, as investors awaited the US Federal Reserve's decision on interest rates.
In the cryptocurrency market, ZEC topped the list of major currency gains, after jumping 8% to around $1,320, surpassing the $1,300 level again, following the sell-off it experienced on Monday.
HYPE also rose by about 5% to nearly $81, while XRP and DOGE each climbed by about 3%. Ethereum (ETH) gained 2% to surpass $2,350, and Solana (SOL) rose by about 2% to $102. BNB saw gains of 1%, while TRX rose by less than 1%, according to CoinDesk data.
This recovery came after Galaxy called on investors to accumulate Bitcoin at the present stage, based on its assessment that the bear market ended in June, and that the currency had entered an accumulation phase that may precede a new upward wave.
Alex Thorne, head of research at the company, said that Bitcoin's price bottom was likely reached in June, when its price fell below $58,000. He based his assessment on the currency's return to trading above its 50-week moving average, along with easing selling pressure and rising US debt.
Despite these indicators, Bitcoin is still struggling to maintain trading above the $80,000 level, which puts the continuation of its recovery under scrutiny as the Federal Reserve's decision approaches.
Investors are turning their attention to Federal Reserve Chairman Kevin Warsh's remarks during his press conference, looking for clues about the likelihood of an interest rate hike in December.
Raising interest rates would increase borrowing costs and reduce demand for high-risk assets, including digital currencies, which could affect market direction in the coming period.
