Bitcoin continues to rise as probability of Federal Reserve rate cut in early December soars BTC$92,615.61 It rose to $93,000 in early U.S. trading on Friday.
At the time of writing, Bitcoin had fallen to $92,500, but was still up 2% in the past 24 hours and is now up about 15% from its panic lows of $80,000 about a week ago.
Bitcoin’s reversal of fortunes coincided with a 180-degree turn in investors’ expectations for a Fed rate cut in early December. Earlier this month, a series of hawkish Fed speakers had lowered the probability of Fed easing to just about 30%, but central bank dovs appear to have taken control again, with that probability back up to 89% this morning.
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Crypto mining stocks are on pace for today’s gains, with CleanSpark (CLSK) up 12.5%, BitFarms (BITF) up 11%, and Riot Platform (RIOT) up 9%.
Hard-hit Bitcoin treasury company KindlyMD (NAKA) is up 12%. Michael Saylor Strategy (MSTR) is leading by 3.8%.
In traditional markets, precious metals led the rally, with silver up 3% on the day to a new all-time high near $55 an ounce. With a market capitalization of approximately $3.1 trillion, it is currently the world’s sixth-richest company. Gold also rose, trading above $4,200 an ounce.
The Nasdaq index rose 0.4% early Friday, while the S&P 500 index rose 0.3%.
