Bitcoin price today up at $92.5k.
Bitcoin rose on Friday but remained locked in its recent trading ranges as investors evaluated the Federal Reserve’s latest rate cut and its updated economic projections.
The world’s biggest cryptocurrency last traded 2.5% higher at $92,579.6 by 01:51 ET (06:51 GMT).
Bitcoin was on track to rise nearly 4% for the week, recovering a little after a prior weekly drop and a bruising slide in November.
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Bitcoin rangebound despite Fed cut
The original cryptocurrency has struggled to generate sustained momentum in December, even as the Fed moved ahead with another round of policy easing.
Bitcoin continued to oscillate within the roughly $88,000 to $93,000 band that has defined most of its December performance.
The Fed cut interest rates by 25 basis points on Wednesday, marking its third reduction this year, and signalled a cautious approach to further easing in 2026.
Asia FX steady as traders assess Fed outlook.
Most Asian currencies were steady on Friday as traders assessed the Federal Reserve’s outlook for next year following its latest rate cut, while the Indian rupee sank to fresh record lows amid sustained capital outflow pressures.
The US Dollar Index was muted but remained on track for a third straight weekly drop, with investors weighing how many Fed rate cuts may materialize in 2026 after Wednesday’s decision.
The lack of a breakthrough on tariff discussions has kept investors cautious, amplifying pressure on the currency even as the Reserve Bank of India was seen intervening to curb excessive volatility.
Traders assess Fed outlook after rate cut
The Fed cut its benchmark rate by 25 basis points on Wednesday, bringing borrowing costs to a near three-year low.
U.K. economy unexpectedly contracted.
The U.K. economy unexpectedly remained in contraction in October, with uncertainty ahead of the Autumn budget by Chancellor Rachel Reeves likely curtailing growth.
Data released earlier Friday by the Office for National Statistics showed that U.K. gross domestic product fell by 0.1% on a monthly basis in October, matching the drop seen during the prior month and below the 0.1% growth expected.
On an annual basis, the U.K. economy expanded by 1.1% in October, matching the growth seen the previous month and below the 1.4% growth expected
The manufacturing sector reported growth of 0.5% in October, rebounding from the hefty 1.7% drop the previous month, boosted by the restart of operations at Jaguar Land Rover’s factories early in the month, after a cyber attack.
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The uncertainty surrounding the Autumn budget, delivered by U.K. finance minister Rachel Reeves in November, likely deterred businesses and consumers alike from making investment decisions.
In the end, Reeves did raise taxes to give her greater room to meet her deficit-reduction targets as well as fund higher welfare spending, but not by as much as had been feared.
As a result, the Confederation of British Industry earlier Friday lifted up its economic growth forecast for next year, citing a temporary boost to government spending following the budget.
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