Bitcoin and Crypto Stocks Rally as Fed Rate Cut Odds Surge
Crypto-related stocks are rising broadly on Friday, led by bitcoin miners, as investor sentiment shifts amid expectations of a Federal Reserve rate cut in early December.
Bitcoin (BTC) climbed to $93,000 in early U.S. trading before settling near $92,500, marking a 2% gain over the past 24 hours and roughly 15% higher than last week’s panic low of $80,000.
The rebound coincides with a sharp reversal in Fed rate expectations. Earlier this month, hawkish Fed commentary had pushed the odds of a December rate cut down to around 30%. By Friday morning, with dovish sentiment taking hold, those odds surged to 89%.
Mining stocks are pacing the crypto rally. CleanSpark (CLSK) rose 12.5%, Bitfarms (BITF) gained 11%, and Riot Platforms (RIOT) jumped 9%. Severely beaten-down bitcoin treasury firm KindlyMD (NAKA) bounced 12%, while Michael Saylor’s Strategy (MSTR) added 3.8%.
Precious metals are also leading traditional markets higher. Silver hit a record high near $55 per ounce, up 3% on the day and now valued at roughly $3.1 trillion globally. Gold traded above $4,200 per ounce.
U.S. equities opened higher, with the Nasdaq up 0.4% and the S&P 500 rising 0.3%.
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