Bitcoin (BTC $87,977.06) surged early Wednesday, briefly reclaiming the $90,000 level for the first time since last weekend, following the U.S. market open.
The rally was supported by strong gains in metals, with silver climbing about 5% to a record above $66 per ounce, while gold and copper each rose more than 1%, reinforcing a risk-on environment.
Dovish remarks from Federal Reserve Governor Chris Waller, currently the front-runner in prediction markets to become the next Fed chair, also boosted sentiment. Waller said the neutral federal funds rate is 50–100 basis points below current levels, highlighted near-zero U.S. job growth, and suggested inflation is unlikely to rebound soon.
Coinglass data showed BTC open interest falling slightly from 669k to 665k, indicating the move was driven by short-covering rather than new leveraged buying—a classic deleveraging rally.
Over the past 24 hours, bitcoin has gained roughly 3%, a modest move amid typical U.S. session volatility. Major U.S. stock indices remained largely unchanged, while the 10-year Treasury yield edged down two basis points to 4.15%
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