Bitcoin (BTC) briefly broke through $94,500 (approximately 137 million KRW), attracting widespread market attention. Ethereum (ETH) also surged by 9%, showing a significant upward momentum among major altcoins. Analysts believe that market expectations of a Federal Reserve rate cut are the primary driver behind this round of growth.
Ahead of the Federal Reserve Chairman Jerome Powell's interest rate announcement on December 10 (local time), the cryptocurrency market has shifted to an optimistic sentiment. According to data from the prediction market platform Polymarket, the probability of the Fed "cutting interest rates by 0.25 percentage points" has risen to 96%. Expectations of rate cuts have stimulated risk asset preferences, thereby driving the entire cryptocurrency market, including Bitcoin, higher.
After the sharp rise, Bitcoin experienced a slight correction, but the daily increase remained around 3%, staying above $93,000 (approximately 1 billion 36 million KRW).