Bitcoin rose 1.5% to just under $83,900 during Wednesday's Asian morning trading following comments from New York Fed President John Williams, who said he saw no need for further rate hikes in 2027. The remarks weakened the dollar and supported equity markets across Asia.
Major cryptocurrencies broadly advanced. Zcash led the gains with a nearly 7% jump to around $1,270, while Solana and Dogecoin each rose 2.5%. Ether added 2% to approximately $2,520. XRP, BNB, and HYPE each gained between 1% and 2%, while Tron lagged with less than 1% growth.
Williams noted that one additional rate increase this year may still be appropriate. His comments helped the S&P 500 pare losses on Tuesday, with S&P 500 futures rising 0.2% as the index hovered near last week's record high.
Asian equities broadly recovered. Samsung Electronics and SK Hynix both rallied, ending a five-day losing streak. The MSCI Asia Pacific equities index rose 0.7%, rebounding from two consecutive days of losses that had pushed it to its lowest close since August.
Oil markets continued climbing, with Brent crude rising 0.7% to approximately $106 per barrel amid Middle East tensions affecting Persian Gulf energy shipments. U.S. crude rose for a fifth consecutive day.
Thursday's U.S. inflation report will provide the next market test. A sufficiently low reading could eliminate expectations for that final rate increase and potentially allow bitcoin to retest $85,000.
