Crypto Stocks Rally Alongside Bitcoin as Fed Rate Cut Odds Surge

Crypto-related stocks are climbing broadly on Friday, led by bitcoin miners, as markets react to a surge in expectations for a Federal Reserve rate cut in early December.

Bitcoin (BTC) rose to $93,000 in early U.S. trading before pulling back slightly to $92,500, still up 2% over the past 24 hours and roughly 15% higher from last week’s panic low of $80,000.

The rebound in bitcoin coincides with a dramatic shift in investor expectations for the December Fed meeting. Earlier this month, hawkish comments from Fed officials had reduced the odds of a rate cut to around 30%. But with dovish signals regaining the narrative, those odds jumped to 89% by Friday morning.

Mining stocks are leading the crypto rally. CleanSpark (CLSK) is up 12.5%, Bitfarms (BITF) gained 11%, and Riot Platforms (RIOT) rose 9%. Severely battered bitcoin treasury firm KindlyMD (NAKA) jumped 12%, while Michael Saylor’s Strategy (MSTR) is ahead 3.8%.

Traditional markets are also showing strength, with precious metals leading the way. Silver hit a record high near $55 per ounce, up 3% on the day, and now ranks as the sixth-largest asset globally at roughly $3.1 trillion in market value. Gold traded above $4,200 per ounce.

Meanwhile, U.S. equity markets opened higher, with the Nasdaq up 0.4% and the S&P 500 climbing 0.3%