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Bitcoin in Modest Rally Mode After Thanksgiving as December Fed Rate Gets Locked In

2025/11/28 23:20
5 min read
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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.

By James Van Straten, Helene Braun|Edited by Stephen Alpher
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 BTC$90,530.07 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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Why Gold Is Winning Over Bitcoin in 2025: Liquidity, Trade, and Trust

Despite ETF hype, central banks and asset allocators continue to choose gold over crypto for reserve and trade purposes.

What to know:

  • Gold has outperformed bitcoin since the launch of spot BTC ETFs, rising 58% as bitcoin fell 12%.
  • Mark Connors says bitcoin remains “too young” for institutional trust, while gold continues to benefit from established infrastructure and trade use.
  • Bitcoin’s recent slump reflects a global liquidity squeeze, not sentiment, with Connors pointing to U.S. Treasury spending delays as a key factor.
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