Bitcoin moved closer to $84,000 during Wednesday’s Asian session after New York Fed President John Williams said he did not expect further interest rate increases in 2027. His outlook put pressure on the U.S. dollar and helped Asian stock markets recover, while traders turned their attention to Thursday’s U.S. inflation figures.
Bitcoin rose 1.5% to trade just below $83,900 in early Asian hours. ZEC outperformed other major cryptocurrencies, climbing almost 7% to roughly $1,270. Solana (SOL) and Dogecoin (DOGE) each advanced 2.5%, while Ether (ETH) gained 2% to around $2,520. XRP, BNB and HYPE increased between 1% and 2%, while TRON (TRX) rose less than 1%, based on CoinDesk data.
Although Williams suggested that another rate hike could be warranted later this year, his comments helped U.S. equities recover some ground. The S&P 500 pared part of Tuesday’s decline, and futures gained 0.2% as the index remained close to the record level reached last week.
Semiconductor shares also staged a recovery across Asian markets. Samsung Electronics and SK Hynix both advanced, ending a five-day slide that had triggered liquidations of leveraged chip-stock positions on crypto exchanges earlier in the week. MSCI’s Asia-Pacific equity index climbed 0.7%, rebounding after two losing sessions had brought it to its lowest close since August.
Market participants are monitoring earnings from key chip industry companies. ASML, a manufacturer of semiconductor production equipment, is due to report results on Wednesday, while Taiwan Semiconductor Manufacturing Co. is scheduled to release its earnings on Thursday.
Energy markets continued moving higher as renewed attacks in the Middle East raised uncertainty over the restoration of oil shipments through the Persian Gulf. Brent crude rose 0.7% to about $106 a barrel, while U.S. crude extended its gains for a fifth straight day.
The next key event for markets is Thursday’s U.S. inflation report, which could influence expectations for the Federal Reserve’s next policy moves. A softer-than-expected reading could weaken the case for another rate increase and give Bitcoin an opportunity to test the $85,000 mark.
