Crypto Market Recap Sep 3: Bitcoin Jumps Past $81,000 USD as Fed Hike Fears Fade
Bitcoin (BTC) rose 5.29% to $81,385.86 USD on Thursday, and Ethereum (ETH) climbed 4.61% to $2,501.66 USD, after Federal Reserve Governor Christopher Waller said he is willing to support holding the policy rate steady this month. Thursday’s crypto market recap is really a recap of a US interest rate story, because the biggest single input into the day’s move came from a Fed speech rather than from anything inside crypto itself.
Data as of 5:05 pm ET, September 3, 2026. Crypto trades continuously, so the figures below are a snapshot taken at that moment, not a closing print.
| Asset | Move | Level |
|---|---|---|
| Bitcoin (BTC) | +5.29% | $81,385.86 USD (prior session close $77,300.48 USD) |
| Bitcoin in CAD | +4.96% | $112,353.37 CAD |
| Ethereum (ETH) | +4.61% | $2,501.66 USD (prior $2,391.50 USD) |
| Ethereum in CAD | +4.33% | $3,455.17 CAD |
| Canadian dollar | +0.76% | $0.7252 USD |
| Gold futures | +3.62% | $4,524.30 USD/oz |
| S&P/TSX Composite | +1.5% | 36,633.12 |
| S&P 500 | +1.06% | 7,747.71 |
| NASDAQ Composite | +1.4% | 26,584.06 |
Crypto and currency figures are a 5:05 pm ET snapshot. Gold is a 3:30 pm ET print rather than a settlement. The three equity indices are at the close.
What Waller actually said
In remarks prepared for a Reuters event on Thursday, Waller set out the condition under which he would leave rates alone. “If there is continued progress toward our 2% goal, then I am willing to support holding the policy rate at its current level,” he said, according to CNBC.
He did not close the door on a move. Waller said a hot August inflation print would make him consider a hike at the Fed’s September 15-16 meeting, and he conceded that inflation remains “meaningfully above” the 2% target, while noting that recent trends “suggest we are finally seeing some signs of disinflation.” That is a conditional hold, not a dovish pivot. It still landed as news, because it contrasts with the more hawkish comments made last week by Fed Chair Kevin Warsh.
The bond market responded first. The 10-year US Treasury yield fell 5 basis points to 4.75%, per Yahoo Finance’s midday market report.
This was a macro bid, not a crypto story
The clearest evidence that Thursday belonged to rates rather than to crypto is what else moved. Gold futures gained 3.62% to $4,524.30 USD/oz. The NASDAQ Composite added 1.4%, the S&P 500 1.06%, and the S&P/TSX Composite 1.5%. Assets whose valuations are most sensitive to the discount rate repriced together, and crypto, the most sensitive of the group on the day, moved hardest.
That ordering matters when you are trying to work out whether a rally has legs. A move driven by a rate expectation is only as durable as the expectation, and Waller was explicit about what could reverse his own position. Nothing in Thursday’s tape tells you that demand for Bitcoin or Ethereum changed. It tells you that the price of money looked lower for a few hours than it had the day before.
There was one crypto-native flow worth noting, and it was in place before Waller spoke. As we covered this morning, Strategy resumed its Bitcoin buying with a 4,603 BTC purchase at an average of $80,318 USD, its first purchase in 10 weeks. A corporate buyer of that size returning after a pause is a genuine change in the flow picture, whatever the Fed does next.
Why the Canadian numbers look smaller
Canadian readers holding either asset made less than the US headline suggests. Bitcoin rose 4.96% in Canadian dollar terms to $112,353.37 CAD, and Ethereum rose 4.33% to $3,455.17 CAD, both below their USD gains. The reason is the currency: the Canadian dollar strengthened 0.76% to $0.7252 USD, and a stronger loonie shaves the Canadian dollar price of anything quoted in US dollars.
This cuts both ways over time, and it is worth remembering that the same rate expectations moving crypto also move the exchange rate you convert through.
The context this rally is climbing out of
Thursday undid the trade that opened the week. In Tuesday’s crypto recap, Bitcoin had slipped under $77,500 USD as markets firmed up bets on a September Fed hike, giving back part of a run that saw Bitcoin gain about 25% over August. The same input, read the other way, produced Thursday’s bounce.
Ethereum’s version of the week is more interesting. As we wrote on Wednesday, Ethereum ETFs had taken inflows for 11 straight sessions while ETH continued to fall, a divergence that the flow data alone could not explain. Thursday, ETH finally caught a bid. The macro backdrop accounts for what the inflow streak did not, which is a useful reminder that persistent buying can sit under a falling price for a long time before anything shows up in the quote.
What to watch next
Friday at 8:30 am ET brings Statistics Canada’s Labour Force Survey for August. A weak print feeds the same lower-yields trade that drove Thursday. A hot one argues the other way.
The date that decides this rally, though, is US CPI on September 10. Waller framed the August inflation print as the thing that determines whether he supports a hold or considers a hike at the September 15-16 meeting. Between now and then, positioning for that number is likely to matter more to crypto prices than anything happening on-chain.
One honest caveat on all of the above: crypto trades through the night and through the weekend. A 5:05 pm ET snapshot will be stale by Friday morning, and readers should check a live quote before drawing conclusions from any level quoted here.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Market data as of 5:05 pm ET, September 3, 2026.
