Bitcoin Edges Back Above $91,000 as Traders Brace for Fed Decision and Jobs Data

The world’s largest crypto is up 1.8% on the day to $91,950 and has since recovered from its early December lows near $85,000, according to CoinGecko data. The asset is up 5.3% for the month.

Bitcoin has been caught in a narrow trading range following the $19 billion leverage wipeout in early October, amid fears of sticky inflation that could complicate the Fed’s path to future rate cuts.

"Shifting rate expectations ripple through crypto funding markets in Asia far more quickly than traditional asset classes," Michael Wu, CEO of Amber Group, told Decrypt.

"We’re seeing funding spreads and borrow costs move in lockstep with global rate guidance," Wu added. "This drives a critical re-evaluation of treasury strategies; many desks are diversifying liquidity across CeFi and DeFi venues to isolate against volatility and optimize opportunities as macro cycles accelerate."