Bitcoin bounces back hard and nears $88,000
After a restless period where Bitcoin briefly fell to $82,000, the market is showing early signs of recovery.
After a turbulent period in which Bitcoin briefly fell to $82,000, the market is showing early signs of recovery again. The Bitcoin price is moving toward $88,000, and the total crypto market capitalization has again risen above $3 trillion.
A key driver behind the rebound is expectations of a US rate cut. Following earlier remarks from President Donald Trump, Fed Governor Christopher Waller has now publicly backed a rate cut. The market is pricing in a higher than 80% chance of a rate cut on December 10.
This optimism is also visible in traditional markets. Strong quarterly results from Nvidia helped the Nasdaq-100 rise 2.6% to 24,873 points. A looser monetary environment is generally viewed as favorable for risk assets, including Bitcoin, other cryptocurrencies, and tech stocks.
ETF flows stabilize
After weeks of outflows, Bitcoin Spot ETFs seem to be reversing the trend. The funds, which recently lost about $3 billion, posted $248 million of inflows over the last two trading days, including at BlackRock and Fidelity.
XRP benefits from new ETF products
XRP is performing even stronger today. The launch of new Spot ETFs from Canary, Bitwise, Grayscale, and Franklin gives institutional investors easier access to the token. The price is currently at $2.23, up 8.5% from Monday.
While the market is cautiously recovering, volatility remains high and investors are mainly watching the Fed's upcoming rate decision.
