Bitcoin hits $84,000 after Williams Fed sees no rate hikes in 2027

ZEC led a broad bounce among major tokens, with Korean chipmakers snapping a five-day losing streak ahead of the release of US inflation data on Thursday.

Bitcoin rose 1.5 percent to near $83,900 after New York Federal Reserve Chairman John Williams said there was no need for more rate hikes in 2027, a weaker dollar and improving Asian markets.

Zcash led the major cryptocurrencies with gains of nearly 7%, while Solana and Dogecoin rose 2.5% each and Ether gained 2%.

Thursday's US inflation report could determine whether the Fed raises interest rates once again this year and whether Bitcoin can retest $85,000.

Bitcoin rose 1.5% to less than $83,900 by early Wednesday morning. New York Federal Reserve President John Williams said he saw no need for further interest rate hikes in 2027, sending the dollar weaker and stocks higher across Asia.

ZEC led the way, jumping nearly 7 percent to around $1,270. SOL and DOGE were up 2.5% each, with Ether up 2% to around $2,520. According to CoinDesk data, XRP, BNB and HYPE added between 1% and 2%, while TRX trailed behind with gains of less than 1%.

A further increase this year may be in order, Williams said. His comments continued to help the S&P 500 pare losses on Tuesday, with S&P 500 futures up 0.2%, near last week's record.

Chipmakers revived in Asia. Samsung Electronics and SK Hynix both rose, snapping a five-day losing streak that had hit chip stocks on crypto exchanges earlier this week. MSCI's broadest index of Asia-Pacific shares rose 0.7 percent, recovering from two days of losses that had pushed it to its lowest level since August. Chip-equipment maker ASML reports earnings on Wednesday and Taiwan Semiconductor Manufacturing on Thursday.