Bitcoin climbs toward $84,000 after Fed's Williams sees no rate hikes in 2027

Bitcoin rose about 1.5% to just under $83,900 during Wednesday's Asian morning, after New York Fed President John Williams said he saw no need for further interest-rate hikes in 2027. His remarks weakened the dollar and lifted stocks across Asia.

The rest of the market

• Zcash (ZEC) led the large caps with a gain of nearly 7%, to around $1,270.
• Solana (SOL) and Dogecoin (DOGE) each added about 2.5%.
• Ether (ETH) rose about 2% to roughly $2,520.
• XRP, BNB and HYPE gained between 1% and 2%, while TRX lagged with less than 1%.

The macro backdrop

Williams did leave the door open to one more hike this year, but his comments still helped the S&P 500 trim losses on Tuesday, and futures pointed higher with the index near last week's record. Chip stocks in Asia recovered after a five-day slide that had wiped out leveraged bets on chipmakers at crypto exchanges earlier in the week. Oil kept rising, with Brent near $106 a barrel amid renewed tension in the Middle East.

What's next

Thursday's U.S. inflation report is the next test of Williams' view. CoinDesk notes that a reading cool enough to rule out a final hike would give bitcoin room to retest $85,000.