Bitcoin (COIN:BTCUSD) surged higher on Thursday, reclaiming the $91,000 level as traders doubled down on expectations that the Federal Reserve could deliver another rate cut in December.

The world’s largest cryptocurrency had plunged to around $80,000 last week — its lowest point in months — before staging a sharp recovery. By mid-morning U.S. time, Bitcoin was up 5.1% at $91,527.5.

The rebound came as futures markets now assign an 85% chance of a 25bps cut, a dramatic increase from roughly 44% just a week earlier. Easing monetary conditions typically boost liquidity, fueling interest in speculative assets such as cryptocurrencies.

Still, analysts warn that sticky U.S. inflation and inconsistent economic data could complicate the Fed’s path, raising the question of whether Bitcoin’s latest jump represents a durable trend or simply short-term volatility.

Speculation around Kevin Hassett’s potential nomination as the next Fed chair — with expectations he may lean toward looser policy — added extra lift to crypto sentiment.

Meanwhile, Naver Financial announced plans to acquire Dunamu, operator of Upbit, in a landmark $10B deal that will expand the tech group’s footprint in digital assets and blockchain-based financial services.

Altcoins also gained, with Ethereum, XRP, Solana, Cardano, Dogecoin, and $TRUMP all trading higher.

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