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Bitcoin surged on Thursday, climbing back above the $90,000 level as markets sharply increased their expectations that the U.S. Federal Reserve will cut interest rates in December. The world’s largest cryptocurrency last traded 4% higher at $91,201.6 by 01:54 ET (06:54 GMT).
The rebound comes after Bitcoin briefly plunged to around $80,000 last Friday — its weakest level since April — before sentiment shifted on growing optimism that monetary policy easing is imminent.
Fed Rate-Cut Bets Accelerate; Focus Turns to Fed Chair Succession
Markets now assign roughly an 85% probability to a 25-basis-point cut at the Fed’s December 9–10 meeting — nearly double the 44% odds seen just a week ago. Lower rates generally benefit “risk assets” such as Bitcoin by increasing system liquidity and driving investors toward higher-yielding alternatives.
Still, some caution persists. U.S. inflation remains sticky, and macroeconomic data has been mixed, raising uncertainties over how aggressive the Fed will be. That has left some analysts questioning whether Bitcoin’s rally is a durable trend or simply a short-term bounce.
Adding to bullish sentiment, the potential nomination of Kevin Hassett — viewed as more dovish and aligned with President Donald Trump’s push for lower rates — as the next Fed Chair is fueling speculation of a more accommodative monetary stance in the years ahead.
Naver Financial to Acquire Upbit Operator in Landmark $10 Billion Deal
In major industry news, South Korea’s Naver Financial, the payments arm of tech group Naver Corp, has agreed to acquire Dunamu, operator of the Upbit exchange, in a deal valued at around $10 billion.
The acquisition will occur via a stock swap, making Dunamu a wholly owned subsidiary of Naver Financial.
The companies said the merger will combine Naver’s vast digital payments ecosystem with Upbit’s dominant crypto trading position, creating one of the largest fintech and digital-asset integrations in South Korea to date. The move is expected to strengthen Naver’s push into blockchain-powered financial services pending regulatory approval.
Crypto Market Today: Altcoins Track Bitcoin Higher
Improved risk appetite pushed most altcoins higher on Thursday:
- Ethereum (ETH) rose 3% to $3,030.92
- XRP gained 0.5% to $2.21
- Solana climbed 3%
- Cardano added 2.2%
- Polygon advanced 1%
