Bitcoin rises above $77,600 as XRP leads major cryptocurrencies
Bitcoin rises above $77,600 as XRP leads major cryptocurrencies
Bitcoin climbed about 1.5% to trade just above $77,600 during Asian morning hours on Thursday, recovering from a 24-hour low of $76,400. The rebound followed buyer support near the $76,350 mark, which represents the average cost basis for active investors.
XRP led gains among major cryptocurrencies, rising nearly 3% to $1.36. Other top tokens also saw increases: BNB gained almost 2% to just under $692, Solana added 2% to hold above $100, and Tron rose about 1% to roughly 33 cents. Ether lagged slightly, trading just under $2,400.
Weekly performance shows mixed results
Over the past seven days, most major tokens posted losses. Ether fell almost 4%, Tron about 3%, XRP roughly 3%, and Bitcoin about 1%. Only Zcash, at $817, and Hyperliquid’s HYPE token maintained weekly gains.
Market context and Fed expectations
Analysts from Bitfinex noted that Bitcoin’s rebound occurred near a key support level, where buyers stepped in to prevent further declines. However, the rebound lacked strong support from spot markets, as exchange inflows increased, spot Bitcoin exchange-traded funds (ETFs)—investment funds tracking Bitcoin’s price—lost about $236 million, and the supply of stablecoins, which are cryptocurrencies pegged to traditional currencies like the U.S. dollar, stalled.
The odds of a Federal Reserve interest rate hike on September 16 dropped to just above 62%, down from 67% a day earlier and 37% a week prior, according to the CME FedWatch tool. Market watchers are now focused on Friday’s U.S. nonfarm payrolls report, which could influence expectations for the Fed’s next move. A weaker-than-expected jobs report might reduce the likelihood of a rate hike and could push Bitcoin toward $80,000, according to market analysts.
Broader financial market movements
Bitcoin’s rise came as other financial markets reacted to geopolitical and economic developments. Renewed U.S. strikes near the Strait of Hormuz pushed crude oil prices higher, reviving concerns about inflation. This led to a rise in the 10-year Treasury yield to just above 4.8%, its highest close since 2023, and a stronger U.S. dollar index, which traded just under 100. Despite these pressures, U.S. equities remained steady, with the S&P 500 closing at 7,646 and the Dow Jones Industrial Average adding roughly 277 points. Gold settled near $4,418.
What is confirmed
- Bitcoin rose 1.5% to over $77,600 on September 3, 2026.
- XRP led gains among major cryptocurrencies, rising nearly 3% to $1.36.
- Other major tokens, including BNB, Solana, and Tron, also posted gains.
- Ether lagged behind, trading just under $2,400.
- Over seven days, only Zcash and Hyperliquid’s HYPE token held weekly gains.
- The odds of a Fed rate hike on September 16 fell to just above 62%.
- Bitcoin’s rebound occurred near the $76,350 support level, the average cost basis for active investors.
Why this matters
The movement in Bitcoin and other major cryptocurrencies reflects shifting market sentiment, influenced by both technical levels and broader economic factors. The decline in Fed rate hike odds suggests that investors are adjusting their expectations based on upcoming economic data, such as the nonfarm payrolls report. This could impact cryptocurrency prices in the short term, as seen in the potential for Bitcoin to test higher levels if the jobs data disappoints.
