FX.co ★ Bitcoin Climbs Back Above $91,000

Bitcoin surged past $91,000 in late November, marking a recovery from its seven-month lows. This upward trend in the market is fueled by cautious optimism regarding a potentially more aggressive interest rate reduction by the US Federal Reserve. Current market sentiment suggests an approximately 85% likelihood of a 25 basis point rate cut in December, a significant increase from about 30% the previous week. Additionally, markets are anticipating three more cuts by 2026. Investor expectations were bolstered by reports indicating Kevin Hassett, Director of the White House National Economic Council, as the frontrunner for the Federal Reserve Chair position. His potential appointment aligns with President Donald Trump’s preference for reduced rates. Major cryptocurrencies such as Ethereum, Ripple, BNB, and Solana experienced upward movements as well. Analysts attribute the recent cryptocurrency gains to a technical rebound from previously oversold conditions, coupled with improved sentiment and an evolving macroeconomic environment.