Bitcoin and Crypto Stocks Climb on Rising Fed Rate Cut Bets
Crypto-related stocks are broadly higher Friday, led by bitcoin miners, as markets respond to a surge in expectations for a Federal Reserve rate cut in early December.
Bitcoin (BTC) reached $93,000 in early U.S. trading before easing slightly to $92,500, up 2% in the past 24 hours and roughly 15% higher from last week’s panic low near $80,000.
The rally coincides with a sharp shift in Fed rate expectations. Earlier this month, hawkish Fed commentary had reduced the odds of a December rate cut to about 30%. By Friday morning, dovish signals pushed those odds to 89%, fueling gains in crypto markets.
Mining stocks are pacing the sector’s rally. CleanSpark (CLSK) rose 12.5%, Bitfarms (BITF) gained 11%, and Riot Platforms (RIOT) jumped 9%. Bitcoin treasury firm KindlyMD (NAKA) bounced 12%, while Michael Saylor’s Strategy (MSTR) advanced 3.8%.
Precious metals are also climbing, with silver hitting a record high near $55 per ounce, up 3% for the day, now valued at roughly $3.1 trillion globally. Gold traded above $4,200 per ounce.
U.S. equities opened slightly higher, with the Nasdaq up 0.4% and the S&P 500 rising 0.3%.
Share this content:
