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Bitcoin surged above $93,000, rising over 7% and pointing to fresh vigor after its volatile start to the week.
Major altcoins, including Ethereum, Solana, XRP, and BNB, had double-digit intraday gains.
The broader market recovery was enhanced by rising rate-cut expectations and increased US liquidity.
Crypto prices jumped today as Bitcoin climbed above $93,000 and major altcoins rallied, reversing earlier losses. Fresh liquidity from US funding operations and growing rate-cut bets powered buying. Meanwhile, traders are watching key inflation data and central-bank signals for direction. Still, risks from large-holder selling and global policy shifts remain present. Here’s what happened in the crypto market today based on CoinMarketCap data.
Bitcoin price jumped 7.33% to reach $93,331.61 and went back into a powerful V-shaped recovery, restoring investor confidence. Having said that, the world's largest cryptocurrency now holds a market cap of $1.86 trillion with trading volume reaching $81.6 billion in the last 24 hours.
According to CoinSwitch Markets Desk, “BTC rebounded after dipping below $84,000, jumping nearly 7% in the last 24 hours. The move came alongside structural shifts, including Vanguard lifting its crypto ETF ban and Bank of America allowing its 15,000+ advisers to recommend 4% crypto exposure. This broader accessibility, combined with rising expectations of a December Fed rate cut, has helped restore short-term confidence.”
CoinSwitch analysts further explained, “BTC is now consolidating and forming a stable structure. Key levels to watch are $90,000 support and $92,500 resistance. A clean breakout above this range could open a move toward $94,000-$95,000, especially if ETF inflows continue and macro sentiment remains supportive.”
Ethereum gained 9.28% to $3,063.85, which was one of the biggest increases among top cryptocurrencies. It has a market capitalization of $369.79 billion and a 24-hour volume of $28.17 billion. ETH showed strength as crypto prices moved higher today across the crypto market.
Solana price gained the most among all top ten cryptocurrencies, rising 12.88% to $143.04. XRP increased 9.90% to $2.21, with its market cap at $133.59 billion. BNB added 7.84% to reach $896.70, having a market capitalization of $123.50 billion. Both coins today tracked Bitcoin's upward move as crypto prices today reflect renewed optimism.
Cardano price was up 13.50% at $0.4436, and the Dogecoin price rose by 10.50% to $0.1502. TRON was up 1.39% at $0.2806. At the same time, USDT and USDC were broadly steady near $1.00 as expected.
The CoinMarketCap 20 Index, which measures the performance of the top 20 cryptocurrencies, jumped 7.35% to $196.04. Hence, indicating that crypto prices today are moving upward in concert across the market.
Also Read: Crypto Prices Today: Bitcoin Price Slides to $86,896; XRP Down 0.75% at $2.01, DOGE Slips 0.74%
Market conditions improved after the Federal Reserve ended quantitative tightening and added $13.5 billion through overnight funding operations. This move increased liquidity in short-term markets and provided support for risk assets like cryptocurrencies.
A cut of 25 basis points is now priced in for next week's Federal Reserve meeting at 89.2%, versus about 63% a month ago, according to CME's FedWatch Tool. The prospect of easier monetary policy has boosted sentiment across financial markets.
Many Fed officials have in recent days indicated an openness to a rate cut, after previous warnings about moving too quickly on policy changes. Recent US economic data has reflected a gradual cooling that should support the case for lower rates.
Crypto price today moves on the upside comes off the back of a pretty rough start to the week. The expectations of a potential rate hike in Japan triggered a global bond selloff that reached into the crypto markets and drove investors away from risk assets.
Japanese government bonds traded in calmer fashion on Wednesday, but yields remained under pressure as markets continued to factor in a Bank of Japan tightening later this month.
US stocks have now gained in six of the last seven sessions, buoyed by technology shares and growing expectations for Fed rate cuts. The muted selloff earlier in the week has been completely reversed as sentiment improved.
Markets are waiting for the Personal Consumption Expenditures Index on December 5, the Fed's preferred measure of inflation. This report may confirm expectations or change them regarding the central bank's policy decision next week. Historically, December has been a strong month for stocks and risk assets; the combination of seasonal trends and dovish Fed policy has helped drive the current rally.
Beyond the immediate rate decision, markets are watching reports that White House economic adviser Kevin Hassett may be the leading candidate to replace Fed Chair Jerome Powell when his term ends next year. President Donald Trump said he would announce his choice early next year. The uncertainty over the Fed leadership may impact market expectations of future monetary policy direction.
Also Read: Bitcoin News Today: Europol Leads Takedown of BTC Mixer Cryptomixer With €25 Million Seized
While Bitcoin has stabilized above $93,000, some analysts warn that bigger risks still remain. Samer Hasn of XS.com, a market analyst, said large holders continue to sell their positions, and leverage in the market hasn't fully reset yet. Concerns about the Bank of Japan's policy stance and corporate balance sheet risks keep downside pressure in play.
1. What propelled Bitcoin above the $93,000 mark today?
The influx of new liquidity in the US marketplace from the recently initiated round of funding operations led to an improvement in risk perceptions. The growing anticipation of a Fed interest rate cut also fuelled increased purchases of Bitcoin, which contributed to the drastic turnaround of the token from earlier losses.
2. What altcoins benefited the most during the rally?
Leading the performance of the Altcoins were Solana, with gains of 12%+, Ethereum, XRP, and BNB. Most of the top cryptocurrencies moved upwards in tandem, as traders shifted capital back to the higher-risk assets following improvements in macroeconomic conditions.
3. How did the Fed's activity affect crypto Prices?
The Fed's provision of increased liquidity via overnight funding operations, along with a pause in the process to cool market activity (quantitative tightening), incentivized confidence throughout the markets as increased liquidity typically incentivizes greater risk tolerance amongst investors and thus promotes investment in cryptocurrencies.
4. Is the cryptocurrency market still risky after the recovery?
Absolutely; analysts stated that large investors are still offloading coins, leverage remains elevated, and there is still enough uncertainty surrounding global regulation, particularly in Japan, that could still result in volatility. Therefore, while the rebound has occurred, the risks are still present in the marketplace.
5. What upcoming events could influence crypto prices this week?
Traders should pay attention to the Core Personal Consumption Expenditure (PCE) inflation report on Friday, as it is the Federal Reserve's preferred inflation indicator. The outcome of this report can affect the Fed's decision on September 20, and if an unexpected outcome occurs, traders will likely re-evaluate their risk appetite quickly, and subsequently, the price of Cryptocurrency will be affected.
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