Tuesday’s crypto market experienced volatility as Strategy (MSTR) chairman Michael Saylor announced a potential sale of bitcoin to fund dividends from STRC, causing brief panic. However, BTC rebounded above the $82,000 threshold by Wednesday morning in Europe, climbing approximately 1.3% since midnight UTC. This recovery was largely driven by a weakening U.S. dollar, which fell about 0.5% during that period.
The dollar’s decline followed remarks from U.S. Secretary of State Marco Rubio, who stated America had accomplished its military objectives and showed no interest in further escalation. Consequently, oil prices dropped, setting the stage for risk assets like cryptocurrencies to benefit as it suggests a potential rate-cutting cycle by the Fed instead of hikes.
Ether (ETH) is trading at $2,380 after rising roughly 0.8%, though it remains below its April 17 peak of $2,460. ETH notably underperformed compared to bitcoin during this period.