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Bitcoin in Modest Rally Mode After Thanksgiving as December Fed Rate Gets Locked In
Crypto-related stocks are higher across the board, led by the bitcoin miners.
Nov 28, 2025, 3:20 p.m.
What to know:
- Bitcoin is continuing a Thanksgiving week rally on Friday, rising back to as high as $93,000 before pulling back a bit.
- Riot Platforms, CleanSpark, and KindlyMD are leading gains in crypto-related stocks.
- Silver hit an all-time high near $55, pushing its market cap to $3.1 trillion and ranking it among the world's top six assets by market value.
Continuing a rally that's come alongside a sharp rise in odds of a Federal Reserve rate cut in early December, bitcoin rose to the $93,000 in early U.S. trading hours on Friday.
At press time, bitcoin had pulled back to $92,500, still up 2% over the past 24 hours and now ahead about 15% since a panicky bottom of $80,000 about one week ago.
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Bitcoin's reversal of fortune came alongside a massive 180 degree turn in investor expectations for a Fed rate cut in early December. A series of hawkish Fed speakers had previously whittled the odds of Fed easing to just about 30% earlier this month, but — as the central bank doves appear to have retaken control of the narrative — those odds shot back to 89% this morning.
Stock movers
Crypto mining stocks are pacing today's rally, with CleanSpark (CLSK) higher by 12.5%, Bitfarms (BITF) 11%, and Riot Platforms (RIOT) 9%.
Severely battered bitcoin treasury firm KindlyMD (NAKA) is bouncing 12%. Michael Saylor's Strategy (MSTR) is ahead 3.8%.
Precious metals are leading the rally in traditional markets, with silver at a new record high near $55 per ounce, up 3% on the day. At roughly $3.1 trillion in market value it now ranks as the sixth largest asset globally. Gold has also moved higher, trading above $4,200 an ounce.
The Nasdaq early Friday is up 0.4% and the S&P 500 0.3%.
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Bitcoin Faces Japan Rate Hike: Debunking The Yen Carry Trade Unwind Alarms, Real Risk Elsewhere
Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
What to know:
- Impending BOJ rate hike largely priced in; Japanese bond yields near multi-decade highs.
- Speculators maintain net bullish positions in the yen, limiting scope for sudden yen strength.
- BOJ tightening may contribute to sustained upward pressure on global yields, impacting risk sentiment.
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