Bitcoin surpassed $92,000, hinting at a possible push to $100,000. Recent positive news, such as Vanguard offering crypto products, Bank of America recommending a 4% crypto allocation, and a major upgrade to the ethereum network, boosted investor sentiment. Analysts remain cautiously optimistic about a potential Santa rally in December.

After an 18% drop in November, Bitcoin is rebounding, while bitcoin ETFs are recovering from significant outflows. Institutional flows heavily influence Bitcoin’s movements, with a break above $92,000 paving the way for a retest of $100,000.

Investors anticipate a 25 basis point rate cut at the upcoming Federal Reserve meeting, with prediction markets suggesting an 80% chance that Kevin Hassett could replace Chair Jerome Powell. Markets view Hassett favorably for the crypto industry due to his pro-crypto stance and recommendations for blockchain regulations.

Under Hassett’s leadership, the White House National Economic Council published a report advocating for regulations in the blockchain industry, stablecoins, and digital assets. A pro-crypto Fed Chair like Hassett could accelerate the integration of blockchain into the banking system, according to analysts.

Read more at Yahoo Finance: ‘A Santa rally is certainly not off the cards’