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Bitcoin price today: hopes for rate cuts push it to $88K
Bitcoin rose on Tuesday, continuing to recover after recent losses, as increasing confidence in a December interest rate cut by the U.S. Federal Reserve supported risk assets.
However, Bitcoin’s gains appear to be losing momentum, as investors remain broadly cautious toward cryptocurrencies after major price drops in October and early November.
Altcoins posted stronger gains on Tuesday but also suffered significant losses over the past month.
Bitcoin rose 0.8% to $88,187.9 as of 05:43 GMT.
Rate-cut expectations support Bitcoin
Bitcoin’s recovery from a seven-month low was driven mainly by renewed bets on a December rate cut by the Federal Reserve. This came after at least two Fed officials voiced support for cutting rates next month.
Markets now price a 77.2% chance that the Fed will cut rates by 25 basis points at its December 9–10 meeting — significantly higher than 41.8% seen last week, according to CME FedWatch.
The shift in expectations spurred rallies across risk-oriented markets, and cryptocurrencies were also swept up in the recovery.
But the overall growth in cryptocurrencies still lags behind the rebound seen in stock markets, especially in the tech sector. Although crypto typically moves in tandem with tech stocks, the two have gradually decoupled since early October.
Bitcoin and the broader crypto market have been in a prolonged downturn since October, hurt by several factors. Retail traders are believed to have turned more cautious after the sharp sell-off in early October, while institutional inflows into crypto have largely dried up — with U.S. Bitcoin ETFs seeing five consecutive weeks of outflows.
Attention now shifts to a series of upcoming U.S. economic data releases, which will provide more clarity ahead of the December Fed meeting. Producer inflation and retail sales data for September are due later Tuesday, while PCE inflation data — the Fed’s preferred gauge — will be released on Thursday.
Crypto prices today: altcoins show stronger recovery
The broader cryptocurrency market performed slightly better than Bitcoin on Tuesday, as the battered sector attracted bargain hunters.
The second-largest cryptocurrency, Ether, climbed 3.2% to $2,928.08, while XRP jumped 8.7% to $2.2523.
Solana, Cardano, and BNB rose 1–5%.
Among meme tokens, Dogecoin gained 3.1%, while $TRUMP slipped 0.5%.
See also: "XRP Cryptocurrency Rises 10% in Bullish Rally Trading"
