Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Good morning, Asia. Here’s what’s moving before the bell.
Bitcoin climbed back above $90,000 on Thursday as Asian markets opened in a broadly positive mood, with stocks firmer and the dollar softer on growing expectations that the Federal Reserve will cut interest rates in December.
Trading volumes stayed light in a holiday-shortened week, with US markets shut on Thursday for Thanksgiving and set for only a brief session on Friday.
Even so, investors leaned into risk, taking their cue from Wall Street’s latest tech-driven rally and positioning ahead of the Fed’s final policy meeting of the year.
Rate expectations are doing much of the work. Futures pricing now suggests that traders see about an 85% chance of a 25-basis-point cut next month, up sharply from around 30% a week earlier, according to the CME FedWatch tool.
Market snapshot
- Bitcoin: $91,229, up 4.3%
- Ether: $3,038, up 2.8%
- XRP: $2.21, up 1.1%
- Total crypto market cap: $3.19 trillion, up 4.1%
With most recent economic releases still dated after a 43-day government shutdown that ended in mid-November, markets are treating comments from Fed officials as the cleaner signal on the policy path.
Remarks this week from San Francisco Fed President Mary Daly and Fed Governor Christopher Waller nudged investors further toward the view that the central bank is ready to shift from holding to easing.
At the same time, data on Wednesday showed new applications for unemployment benefits falling to a seven-month low, suggesting layoffs remain contained and helping to support a soft landing narrative.
AI Momentum Helps US Markets Extend Their Winning Streak
Wall Street extended its advance on Wednesday, as tech strength and rising confidence in a December cut pulled investors back into growth stocks. All three major US equity benchmarks logged a fourth straight day of gains, recovering from last week’s pullback that was driven by worries over stretched valuations in the sector.
Those concerns eased after Nvidia delivered upbeat quarterly results and guidance, reinforcing the belief that demand for artificial intelligence infrastructure remains strong. AI server maker Dell Technologies then added to the momentum with a revenue outlook that topped forecasts, helping to stabilise sentiment around the broader AI trade.
Crypto traders kept one eye on macro and the other on charts. Piyush Walke, derivatives research analyst at Delta Exchange, said Bitcoin still sits below its 50-day and 200-day simple moving averages, with resistance near $93,000 holding for now.
He noted that Ethereum recently bounced off a long-term ascending trendline that has acted as major support, and said a firm daily close above the $3,000 to $3,050 zone could open a move toward $3,200 to $3,300.
Asian Stocks Rise As Regional Risk Appetite Improves
Equity markets across Asia reflected the improved risk tone. MSCI’s broad index of Asia Pacific shares outside Japan rose about 0.27%, on track to break a three-week losing streak, while Japan’s Nikkei and South Korea’s Kospi each gained more than 1% in early trade.
China’s property sector remained a key regional risk point. Investors watched closely as major developer China Vanke sought approval from bondholders to delay repayment on a 2 billion yuan, or about $282.6m, onshore bond.
For now, though, crypto and equity markets are feeding off the same story. With Bitcoin back above $90,000, tech stocks resurgent and an anticipated Fed rate cut drawing closer, Asia’s trading day opened with a firm, if cautious, appetite for risk.
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