Bitcoin Surges Past $94K Briefly as Ethereum Jumps 9%

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The cryptocurrency market seems to be heating up ahead of the rate cut the Federal Reserve is likely to announce later today (December 10).

Bitcoin temporarily soared to around $94,500 but later lost some steam. Ethereum (ETH) and many leading altcoins posted even more significant gains over the past 24 hours.

BTC Heads North
The primary cryptocurrency experienced a sudden and substantial uptick several hours ago, briefly exceeding $94,500. This happened at a time when the chances of a 25-basis-point Fed rate cut increased to 96% (according to Polymarket).

The central bank’s Chairman, Jerome Powell, will officially announce the decision later today, which could trigger additional volatility in BTC and the broader crypto sector.

It is important to note that the leading digital asset failed to sustain the momentum, allowing the bears to step back and erase some of the gains. As of this writing, BTC trades at around $93,000 (per TradingView’s data), representing a 3% increase on a daily scale.


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