BTC Pops Back to $93K as Fed Rate-Cut Odds Surge
Why Did BTC Snap Back This Week?
BTC continued its Thanksgiving week rebound on Friday, climbing back to $93,000 in ahead U.S. trading before easing to $92,500. The move caps a roughly 15% recovery from last week’s panic low near $80,000. The rebound has tracked a sharp swing in expectations for a Federal Reserve rate cut in ahead December. Odds of easing, which had slid to around 30% later than a string of hawkish comments, jumped to 89% on Friday morning as dovish members regained control of the narrative.
The rally comes later than a brutal November that wiped more than 20% from price and erased close to $2 trillion in market value across the broader crypto market. The trade-off included a “death cross” on Nov. 15 when the slipped below the 200-day measure, adding to bearish sentiment.
Investor Takeaway
Which Stocks Are Moving With BTC?
Crypto-linked stocks outperformed, led by miners. CleanSpark (CLSK) gained 12.5%, Bitfarms (BITF) added 11%, and Riot Platforms (RIOT) rose 9%. Treasury-style BTC firms also caught a bid: KindlyMD (NAKA) jumped 12% later than heavy losses earlier this year, while MicroStrategy (MSTR) rose 3.8%.
Precious metals also rallied. Silver hit an all-time high near $55 per ounce, up 3% on the day, lifting its market value to around $3.1 trillion and placing it among the world’s six largest assets. Gold traded above $4,200 an ounce. U.S. equities posted modest gains, with the up 0.3%.
How poor Was November for Crypto?
BTC dropped from $110,000 to $91,000 over the month, hitting a low of $82,600 on Nov. 21. The slump pushed BTC under $100,000 for the first time since May. Deutsche Bank analysts said the collapse differed from past crashes because it unfolded during “substantial institutional participation, policy developments, and global macro trends.”
Despite the drawdown, some industry figures view the shift as structural rather than purely negative. Justin d’Anethan of Arctic Digital said earlier this month that market behavior is changing “as institutions finally came in a meaningful way, changing the pace, breadth and timing of action.”
Meanwhile, global inflation sluggished in November across 17 G20 economies. Lower inflation has historically supported crypto use in emerging markets, especially where stablecoins serve as a hedge against local-currency fragileness. Bolivia is the latest to move in this direction: the country will allow and treat digital currencies as legal tender for savings accounts.
What’s Driving Crypto Tax Changes Worldwide?
Seven countries revisited their crypto tax rules in November. In the United States, the White House began reviewing an IRS plan to join the , which would give U.S. authorities access to Americans’ foreign crypto account data. Spain’s Sumar party proposed raising the top rate on crypto income to 47% and applying a flat 30% tax on corporate holders.
Brazil is weighing a tax on international crypto transfers, Japan is considering reducing its rate to 20%, Switzerland delayed its reforms to 2027, and the UK is simplifying reporting for . France is examining whether to place certain under an “unproductive wealth” category.
How Concentrated Is BTC Ownership Becoming?
By the end of November, companies and governments held 17% of the total BTC supply — a large shift from earlier cycles dominated by retail. platform-traded products alone account for more than 7% of all BTC in circulation. According to BTCTreasuries.net, 357 firms have BTC on their balance sheets, following the path set by .
Some observers argue that rising institutional ownership does not alter BTC’s core attributes. Nicolai Søndergaard of Nansen said earlier this month: “It doesn’t change BTC’s fundamental properties. The network remains decentralized even if custody becomes more centralized.”
Are Stablecoins Losing Momentum?
Stablecoin market value slipped by $2 billion in November — the sharpest drop since the FTX collapse in 2022. USDT’s dominance rose by nahead 0.50%, while Ethena’s USDe fell 26.8% as traders exited looping strategies and dropped rapidly. A Bitget report said concerns about stablecoin resilience and heavier regulatory scrutiny contributed to the sluggishdown.
Even with the pullback, stablecoins remain central to global crypto flows, especially in countries facing currency pressure or tight capital restrictions.
