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7h ago

Bitcoin Reclaims $94,000 Ahead of Fed Decision After Short Squeeze

Powell's guidance now holds outsized sway over a market weakened by cooling ETF demand.

Ripple’s $500 million raise shows Wall Street caution with its XRP-heavy holding
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Representations of cryptocurrency bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
Ethereum surges above $3,300 as whales accumulate nearly 1M ETH while retail exits

Overview

  • Bitcoin spiked from near $90,000 to roughly $94,000 in minutes on Tuesday, with Ethereum and other large tokens rallying alongside the move.
  • CoinGlass data show more than $370 million in crypto positions were liquidated over 24 hours, with shorts accounting for about $300 million of that total.
  • Markets are pricing a high probability of a 25-basis-point rate cut at Wednesday’s FOMC meeting, and traders say a hawkish tone from Powell could quickly pressure prices.
  • Spot Bitcoin ETFs recorded about $60 million in net outflows on Dec. 8, reflecting a cooled institutional bid, while new spot XRP ETFs have drawn notable inflows that are supporting XRP.
  • Research desks caution the setup remains fragile, with Bitfinex flagging weakening spot demand and Standard Chartered cutting its 2025 bitcoin target to $100,000 from $200,000.