Crypto prices spiked early Wednesday, lifting bitcoin (BTC $87,977.06) back above the $90,000 mark for the first time since last weekend, following the U.S. market open.

Several factors may have contributed to the rally. Precious and industrial metals continued their strong run, with silver surging about 5% to a new record above $66 per ounce. Gold and copper also advanced over 1%, providing a broader risk-on backdrop.

Dovish comments from current Fed Governor and leading prediction market favorite for the next Federal Reserve chair, Chris Waller, may have further boosted sentiment. Waller suggested that the neutral federal funds rate is 50–100 basis points below current levels, noted that U.S. job growth is near zero, and expressed skepticism about a rebound in inflation.

Data from Coinglass showed BTC open interest falling slightly from 669k to 665k, indicating the rally was likely driven by short-covering rather than fresh leveraged buying—a classic deleveraging move.

Over the past 24 hours, bitcoin has gained roughly 3%, a modest increase that nevertheless offers some relief for bulls accustomed to volatile swings during U.S. market hours. Meanwhile, major U.S. stock indices were little changed, and the 10-year Treasury yield edged down two basis points to 4.15%.