Bitcoin Steadies at $93K as Ethereum Outperforms After Fusaka Upgrade
Bitcoin is stabilizing around $93K after several volatile sessions, while Ethereum is clearly outperforming the broader market. The successful Fusaka upgrade pushed ETH nearly +5% higher in 24 hours, lifting the asset toward $3,200. Zcash is also making a sharp rebound after its recent drawdown.
Macro conditions, however, remain challenging. The Bank of Japan is signalling an 80% probability of a rate hike on December 19 — an event that could unwind large yen carry trades and pressure global risk assets, including crypto. At the same time, markets expect the U.S. Federal Reserve to cut rates next week, with odds priced at ~87%, yet sentiment is still stuck in “extreme fear” levels.
A new concern emerged from MicroStrategy after CEO Phong Le suggested the company could sell part of its BTC holdings if mNAV drops below 1.0x — a threshold now uncomfortably close.
Safe-haven flows into gold and silver continue to grow, while tech indices slide — extending Bitcoin’s tight correlation with the Nasdaq. Whether crypto stabilizes from here depends largely on central bank decisions and institutional flows through the rest of December.