Bitcoin Holds Near $90,000 as Fed Rate Cut Odds Hit 90%

Bitcoin traded around $90,000 on Dec. 3 after rebounding 5% from $86,000 earlier in the week, QCP Capital said in its daily market note. Futures markets have priced in a 90% probability of a 25 basis point rate cut at next week's FOMC meeting, which will lack new CPI or NFP data. Prediction markets show approximately 85% odds of Kevin Hassett becoming the next Fed Chair, with confirmation expected in early 2025 as current Chair Powell's term ends in May. MicroStrategy raised approximately $1.4 billion through equity issuance over the weekend, extending its operational runway to about 21 months while lifting its mNAV to roughly 1.14, QCP noted.