Cryptocurrency market grows ahead of Fed decision: Bitcoin close to $90K

The cryptocurrency market continues to recover ahead of a key decision by the US Federal Reserve. Amid expectations of a Fed rate cut in mid-December, the fear and greed index rose, indicating moderate optimism among participants.​

Main market movements

Bitcoin is trading near $89.947, although it has experienced a slight decline of 0.79% over the past 24 hours. However, the weekly increase remains positive at about 6% over seven days. Analysts expect a “Santa rally” in December, with the critical resistance level located in the range of $94-95 thousand, overcoming which could open the way to the historical mark of $100,000.​

Ethereum showed even stronger dynamics, adding over 3% and trading around $3,130. The second largest cryptocurrency by capitalization has received support from the development of the decentralized finance ecosystem and recent network upgrades. Memcoins also showed growth: Dogecoin grew by 5%, Shiba Inu by 2.6%.

Trading volumes and market capitalization

The total trading volume reached $111 billion, and the total capitalization of the cryptocurrency market rose to $3.2 trillion, adding more than 2% per day. These indicators reflect the revival of participants against the backdrop of positive macroeconomic signals.​

Key growth drivers

Main factors supporting the market:

• Expectations for the Fed to cut the Fed rate by 25 basis points at its meeting on December 10

• Continuing influx of institutional investment into Bitcoin

• Infrastructure expansion (spot and futures ETFs, banking services)

• Positive trend against the backdrop of the “Santa rally” at the end of the year

News highlights

• Bitcoin is trading at $89.947 with a weekly growth of +6%

• Ethereum rose 3% to $3,130, outperforming BTC in short-term dynamics

• Total market capitalization reached $3.2 trillion with a daily increase of +2%

• The Fed decision on December 10 will be a key catalyst for further movement

• Analysts predict potential growth of Bitcoin to the $100,000 mark if the level of $94–95 thousand is broken.

• Volatility remains typical for December, but the overall mood is optimistic

Disclaimer: The information is for informational purposes only and under no circumstances constitutes an individual investment recommendation. The contents of this article are based on a summary of publicly available information and should not be used as a basis for investment decisions.