Bitcoin Nears $88,000 as Asian Markets Rise and Gold Hits Record High
Bitcoin approached $88,000 with a price of $88,561, marking a 0.6% increase as Asian markets opened. The total cryptocurrency market capitalization rose by 0.5% to approximately $3.08 trillion. Meanwhile, gold reached a fresh record high of $4,383.73 per ounce, with silver also trading at or near record levels. These gains have been supported by bets on rate cuts, safe-haven demand, and a softer U.S. dollar.
Asia-Pacific equities climbed about 0.5%, led by the technology sector, as traders positioned themselves for year-end amid thinner liquidity. According to 10X Research, there is de-risking pressure heading into the year's end, with futures, ETFs, and options suggesting that price moves could outpace headlines given low spot volume conditions.
On the monetary policy front, Cleveland Fed President Beth Hammack indicated a preference to hold interest rates steady for several months. Despite this, market pricing still suggests about two rate cuts may occur in 2026. In China, loan prime rates were held unchanged for the seventh consecutive month, signaling targeted support measures rather than broad easing.
Oil prices increased in response to reported U.S. actions against Venezuelan tanker flows and sanctions enforcement in the Caribbean.
