Market Overview - Bitcoin is currently trading above $92,000, a significant level that traders are monitoring, indicating a potential move towards $100,000 [1][6] - Recent bullish developments have improved investor sentiment, including Vanguard's introduction of crypto products and Bank of America's recommendation for a 4% crypto asset allocation for wealth management clients [1] Performance Analysis - Bitcoin is recovering from a challenging November, where it experienced an 18% decline [2] - Bitcoin exchange-traded funds (ETFs) are rebounding after facing their second-largest monthly outflows on record [2] Institutional Influence - Bitcoin's price movements are heavily influenced by institutional flows, which tend to slow mid-month, making sustained breakouts less likely [3] - The recent break above $92,000 may pave the way for a retest of the $100,000 level [3] Federal Reserve Expectations - Investors are anticipating a 25 basis point rate cut at the upcoming Federal Reserve policy meeting on December 10 [3] - Prediction markets suggest an 80% chance that Kevin Hassett will be nominated to replace Jerome Powell as Fed Chair, which is viewed positively for the crypto industry [3][4] Regulatory Environment - Under Kevin Hassett's leadership, the White House National Economic Council published a report recommending regulations for the blockchain industry and digital assets, which could be beneficial for the crypto market [4] - A pro-crypto Fed Chair could facilitate the integration of blockchain technology into the banking system [5]

Bitcoin (BTC-USD) extended losses on Friday as the world's largest cryptocurrency sank more than 24% from its all-time high north of $126,000 in October. On Friday, the token slipped beneath $95,000 at the lows of the session, alongside a stock market rout driven by uncertainty over when the Federal Reserve will cut rates. The cryptocurrency was trading above $96,000 midday. The steady decline came as Bloomberg data showed outflows from bitcoin exchange traded funds (ETFs) hit their second highest daily ...