Bitcoin approached $84,000 after New York Fed President John Williams said he did not see a need for another rate hike in 2027, while Zcash led gains among altcoins.
According to CoinDesk data on Asian trading on the morning of Wednesday, October 14, Bitcoin rose 1.5% to trade just below $83,900. The dollar weakened following Williams’ remarks, while Asian stocks also rebounded.
Zcash leads gains among altcoins
Zcash (ZEC) stood out among major cryptocurrencies, rising about 7% to around $1,270. Ethereum (ETH) gained 2% to reach about $2,520, while Solana (SOL) and Dogecoin (DOGE) each rose 2.5%.
Gains for XRP, BNB, and HYPE ranged from 1% to 2%. TRX posted a more limited move, rising less than 1%.
Inflation could determine whether Bitcoin reaches $85,000
While Williams said he did not see a need for another rate hike in 2027, he said another increase this year could be appropriate. The next major event on the market calendar is the U.S. inflation report due Thursday.
According to the article’s assessment, if the data comes in low enough to remove the need for what could be the final rate hike of the year, it could give Bitcoin room to retest $85,000. Thus, not only the Fed official’s message but also an inflation picture that supports it will matter for the rally to continue.
Stocks rebound, while oil extends its gains
Williams’ remarks helped the S&P 500 pare its losses on Tuesday. S&P 500 futures rose 0.2%, while the index remained near last week’s record. In Asia, Samsung Electronics and SK Hynix ended their five-day losing streaks, and the MSCI Asia Pacific Index rose 0.7%.
Oil also rose, with Brent gaining 0.7% to around $106 as attacks in the Middle East heightened concerns about energy shipments through the Persian Gulf. U.S. crude also extended its gains for a fifth day.
Not investment advice.