Live updates: Bitcoin climbs above $81,000 as majors rally ahead of Fed decision

11:23 UTC — Bitcoin climbs above $81,000 as altcoins rally ahead of Fed decision

Bitcoin rose 2% to just above $81,000 as of Wednesday Asian morning hours, building on its recovery from Monday’s dip below $80,000 as traders positioned for the Federal Reserve’s rate decision later in the day.

HYPE led the majors, jumping nearly 6% to just above $81, while ZEC added 5% to hold about $1,300. DOGE gained 4%, and BNB and SOL each rose about 3%, with BNB just under $760 and SOL above $102. Ether climbed 2% to about $2,360 and XRP rose a similar 3% to $1.32. TRX lagged with a gain of about 1%, according to CoinDesk data.

It’s a cheerier tape than Monday’s, when selling hit nearly every major token and bitcoin slipped under $80,000 for the first time in more than a week.

The bounce follows a note from Galaxy on Tuesday saying now is the time to accumulate bitcoin. Alex Thorn, the firm’s head of firmwide research, said the bear market likely ended in June, when bitcoin traded under $58,000.

The bigger test comes later Wednesday. Traders will be listening to Fed Chair Kevin Warsh’s press conference for any hint of a December rate hike, which would make borrowing more expensive and tends to pull money out of riskier assets like crypto.

Monday showed how quickly traders sell when hike talk picks up, and Warsh gets his say later Wednesday.