The largest cryptocurrency in the world recovers almost all the ground lost yesterday, but remains almost 29% below its all-time highs.
Bitcoin cuts the sharp declines suffered yesterday and rebounds strongly. The largest cryptocurrency in the world rises by up to 6% and recovers the level of 90,000 dollars. Its rebound is mirrored by that of other digital currencies, as Ethereum, Cardano, Solana, and XRP record gains ranging from 5% to 9%.
If this upward trend continues, Bitcoin would record its best day since May 8, 2025. It is true that this rise comes after touching a low of 83,858 dollars yesterday.
Moreover, despite the gains it is experiencing today, it is still almost 29% below the all-time highs of $126,210 reached in June of this year.
However, analysts already warned yesterday that Bitcoin's stumble could be brief, as the possibility that the Federal Reserve will lower interest rates at its December meeting has regained strength. Traders and investors now estimate a probability of over 85% that the U.S. central bank will reduce the target rate by 25 basis points on December 10.
Furthermore, the leak that the current director of the National Economic Council, Kevin Hassett, is the favorite to succeed Jerome Powell as head of the Fed acts as a catalyst for cryptocurrency prices.
"Hassett is considered someone who would align more with the president's strategy, and lower rates are generally positive for cryptocurrency prices," says Simon Peters, an analyst at eToro.
From the trading platform, they also emphasize that capital inflows and outflows to and from spot Bitcoin ETFs stabilized last week. "In total, the net inflows of $70.2 million from spot ETFs last week are a sign that the worst of the correction, if not the price correction itself, may have passed," adds Peters.
