Bitcoin holds above $93K, ETH surges 4%: is an end-of-year rally coming?
Bitcoin traded just above $93,416 on Thursday as expectations mounted that the US Federal Reserve would cut interest rates next week.
During the morning session, the cryptocurrency dipped to $92,612 before climbing to an intraday high of $94,002, reflecting renewed momentum after several weeks of turbulence.
Across the broader crypto market, sentiment was mixed. Ethereum was the top performer among major tokens, rising 4.10% over the past 24 hours to $3,184.08.
Bitcoin, by contrast, saw a period of consolidation, slipping 0.42% to trade at $93,052.08.
XRP fell 1.19% to $2.18, while Solana posted a modest 0.75% gain to $143.72 and Dogecoin edged up 0.30% to $0.1504.
Traders are now pricing in a 90% probability of a rate cut at the Fed’s December 9–10 meeting, a marked shift from mid-November when easing appeared considerably less likely.
Weak jobs data fuels rally
The rally has been driven in part by unexpectedly soft private employment figures.
Payrolls processor ADP reported that US companies cut 32,000 jobs in November, a sharp miss compared with economists’ expectations for a 40,000 increase.
The weak reading intensified conviction that the Fed will move to support the economy with another quarter-point cut at its final meeting of the year.
For crypto markets—highly sensitive to shifts in liquidity and interest-rate expectations—the data provided a boost after weeks of steady losses.
Bitcoin has risen roughly 11% over the past two days, rebounding from levels just under $85,000.
Before the recent rebound, the week had begun on a weak note.
Bitcoin fell 8% between Sunday and Monday after Japanese government bond yields surged, with the two-year yield touching a 17-year high.
The drop added to the nearly two-month-long slide that had shaken market confidence.
The recovery follows a period of intense selling pressure that sent the cryptocurrency down 35% from its early October record of over $126,000 to a recent low of $82,000.
Another tailwind came from Vanguard’s decision to allow its clients to trade cryptocurrency ETFs, reversing a longstanding policy that had barred access to digital-asset funds.
The move aligned with broader institutional shifts, including growing acceptance of crypto ETFs across major US financial firms, and contributed further to the uptick in demand.
Macro headwinds still loom
The crypto market’s struggles through October and November underscored its sensitivity to macroeconomic developments.
President Donald Trump’s tariff threats against China in early October were followed by a flash crash that erased $19 billion in crypto holdings.
Meanwhile, the fading likelihood of a Fed rate cut throughout much of the autumn sapped investor appetite for risk assets.
A shift in tone from Federal Reserve officials, coupled with the latest weak economic data, has helped turn sentiment more positive.
While volatility remains elevated, traders now see a clearer path toward monetary easing—an environment that historically provides support for speculative assets such as cryptocurrencies.
Whether the rebound proves durable will depend on incoming economic data and the Fed’s decision next week, which remains the defining catalyst for market direction into year-end.
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