BTC, ETH price news: Bitcoin nears $81,000 ahead of Fed decision as ZEC jumps 8%

On Wednesday morning in Asia, Bitcoin experienced a nearly 2% increase, approaching the $81,000 mark as traders prepared for the Federal Reserve's upcoming rate decision. The cryptocurrency had previously dipped to nearly $79,000 over the weekend but has since recovered. This upward movement is part of a broader trend in the cryptocurrency market, where many major digital currencies have also seen gains.

Zcash (ZEC) stood out among the major cryptocurrencies, surging by 8% to approximately $1,320, rebounding above the $1,300 threshold following a selloff on Monday. Other notable performers included HYPE, which rose nearly 5% to around $81, and XRP and Dogecoin (DOGE), both of which saw increases of about 3%. Ethereum (ETH) climbed by 2%, reaching just above $2,350, while Solana (SOL) also saw a 2% increase, hitting around $102. Binance Coin (BNB) rose by 1%, and TRON (TRX) lagged behind with a gain of less than 1%, according to data from CoinDesk.

The recent price movements come after a report from Galaxy Digital, which indicated that the bear market for Bitcoin likely concluded in June. Alex Thorn, the head of firmwide research at Galaxy, stated in a note to investors that Bitcoin is currently in an accumulation phase that has historically preceded price rallies. He suggested that the market's bottom was likely reached in June when Bitcoin was trading below $58,000.

Thorn pointed to Bitcoin’s recovery above its 50-week moving average—a key indicator used by traders to assess long-term trends—as a sign of potential momentum. He noted that there is less selling pressure in the market and a rise in U.S. debt, which may further support Bitcoin's upward trajectory. His analysis presents a confident outlook for a market that has struggled to maintain the $80,000 level.

Market participants are now closely monitoring Fed Chair Kevin Warsh's press conference for any indications of a potential rate hike in December. An increase in rates would typically lead to higher borrowing costs, which could result in a pullback from riskier assets such as cryptocurrencies.