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Bitcoin Holds Steady Above $91,000 After Rising on Expectations of Fed Policy Easing
Bitcoin stabilized on Friday after climbing above the $90,000 mark earlier this week, as markets increasingly bet on an imminent interest rate cut by the Federal Reserve and weigh the implications of a potential leadership change at the central bank.
The world's largest cryptocurrency was last trading nearly unchanged at $91,202.9 at 05:32 GMT, after briefly dropping to $80,000 last Friday — its weakest level since April.
Bitcoin is set to gain nearly 8% for the week after four consecutive weeks of decline, supported by inflows of institutional investment.
Fed rate-cut bets support Bitcoin’s recovery
The recovery coincided with a sharp rise in expectations for a rate cut at the Fed’s December meeting. The CME FedWatch tool showed that the probability of a 25-basis-point cut surged to roughly 87%, significantly higher than about 39% just a week earlier.
Lower interest rates generally make “risk assets” like Bitcoin more attractive, easing liquidity constraints and encouraging investment inflows.
Bullish sentiment is further fueled by growing speculation that Kevin Hassett — an economic adviser to the White House — may be nominated as the next Fed chair.
Many market participants consider him significantly more “dovish” than current policymakers, which could push the central bank toward more aggressive policy easing.
This possibility appears to be strengthening expectations for looser monetary policy, which in turn boosts interest in higher-risk assets.
Investors, however, remain cautious. Persistent inflation and mixed U.S. economic data have led some to question how far or how quickly the Fed will act, raising doubts over whether Bitcoin’s recovery marks the beginning of a sustained uptrend or just a short-term rebound.
Crypto Prices Today: Altcoins Trade in Narrow Ranges
Most altcoins traded within narrow ranges on Friday, similar to Bitcoin.
The second-largest cryptocurrency, Ethereum, fell 0.5% to $3,013.92.
The third-largest, XRP, was little changed at $2.21.
Solana dipped slightly, while Cardano declined by 2.5% and Polygon lost 1.2%.
Among meme tokens, Dogecoin and $TRUMP each fell nearly 3%.
See also: "How Bitcoin’s Price Changed on the American Holiday Thanksgiving"
