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Major cryptocurrencies, including Bitcoin, Ethereum, XRP, and Dogecoin, experienced a notable surge on Wednesday, reflecting a broader risk-on sentiment across financial markets just before the Thanksgiving festivities. This uptrend was not isolated, as traditional stock markets also concluded the day with gains, buoyed by optimistic labor market figures and expectations of an upcoming interest rate reduction.

Cryptocurrency and Stock Market Dynamics Ahead of Holiday

On November 26, 2025, the cryptocurrency market witnessed a substantial rally, with Bitcoin ascending to an intraday peak of $90,819. This marked a continuation of its robust recovery during the Thanksgiving week. Ethereum impressively surpassed the $3,000 threshold, a level not seen in a week, despite relatively subdued trading volumes. XRP and Dogecoin also recorded increases of 1.42% and 1.58% respectively over the preceding 24 hours. Concurrently, Bitcoin's market dominance slightly decreased to below 58%, and Ethereum's market share settled at 11.8%. Shares of Strategy Inc., a company heavily invested in Bitcoin, observed a 2% rise during regular trading hours. The broader cryptocurrency market capitalization swelled to $3.1 trillion, showcasing a 2.58% growth in a single day. Meanwhile, the stock market mirrored this positive trend, with the Dow Jones Industrial Average climbing 0.67% to 47,427.12, the S&P 500 advancing 0.69% to 6,812.61, and the Nasdaq Composite rising 0.82% to 23,214.69. This positive momentum was partly attributed to favorable labor market data, as initial jobless claims for the week ending November 22 fell to 216,000, surpassing expectations. Market participants also maintained high hopes for a 25 basis point rate cut in December, as indicated by the CME FedWatch tool. Notably, the New York Stock Exchange and Nasdaq were scheduled to close for Thanksgiving. In the cryptocurrency analysis sphere, expert Ali Martinez highlighted that The Puell Multiple, an indicator monitoring Bitcoin miners' revenue, stood at 0.67. Historically, readings below 0.50 have often signaled Bitcoin cycle bottoms. Adding to this, Michaël van de Poppe, another prominent crypto commentator, suggested that Bitcoin is at a pivotal juncture, with a potential break above $92,000 by month-end confirming the recent dip below $80,000 as a cycle's lowest point.

The synchronized upward movement in both cryptocurrency and traditional stock markets prior to Thanksgiving illustrates a prevailing appetite for risk among investors. This trend is further fueled by encouraging economic indicators and the anticipation of supportive monetary policies. However, the persistence of an 'Extreme Fear' sentiment in the Crypto Fear & Greed Index reminds us that underlying anxieties still linger, urging investors to remain vigilant despite the festive rally. This period highlights the intricate interplay between macro-economic factors and the volatile nature of digital assets, making informed decision-making paramount for navigating future market fluctuations.

Federal Reserve Governor Stephen Miran has signaled a potential shift in his approach to monetary policy, indicating his willingness to support an interest rate reduction. This development departs from his prior actions of symbolic dissent, where he previously advocated for more aggressive cuts. His current stance suggests a pragmatic decision to avoid causing unnecessary economic damage, even if it means compromising on his more hawkish views regarding rate adjustments.

This change in approach was brought to light by Sara Eisen, co-host of CNBC’s “Squawk on the Street,” who revealed her recent conversation with Miran. According to Eisen, Miran articulated that he would not oppose a rate cut if it facilitated its approval, emphasizing that he would not "inflict real harm on the economy just to make a rhetorical point." This statement comes at a time when the Federal Reserve is experiencing internal disagreements, which have led to uncertainty regarding the possibility of another rate cut in December.

Miran, who was appointed to the Federal Reserve Board by former President Donald Trump in August of the current year, has been a vocal proponent of substantial interest rate reductions. He notably cast dissenting votes in the two most recent Federal Open Market Committee (FOMC) meetings, where he advocated for a 50-basis-point cut. This contrasted with the majority's decision for a 25-basis-point reduction. The voting record at one such meeting illustrated a clear division, with a 10-2 split, as Kansas City Fed President Jeffrey R. Schmid opposed any rate adjustments. Miran has consistently argued that the appropriate federal funds rate should be significantly lower than its current level, warning that restrictive policies could jeopardize the Fed's mandate concerning employment.

Miran's persistent calls for aggressive rate cuts, which largely align with Trump's views, have led to questions about his impartiality as a Federal Reserve Governor. Senator Elizabeth Warren (D-Mass.) publicly criticized his recent dissents, implying that he was acting as "Donald Trump's sock puppet at the Fed." Economist Justin Wolfers shared similar concerns, suggesting that Miran's actions were primarily symbolic, intended to portray him as aligned with Trump's agenda within the central bank. Wolfers also highlighted the unusual nature of dissenting in one's initial meeting, further fueling speculation about Miran's motives.

As the Federal Open Market Committee meeting approaches on December 9 and 10, the financial markets are closely watching these developments. The CME Group’s FedWatch tool currently indicates an 84.7% probability of a 25-basis-point rate cut. This high probability reflects the market's anticipation of a policy adjustment, potentially influenced by statements like Miran's, which suggest a growing consensus or at least a reduced resistance to such a move within the Fed. The upcoming decision will be crucial in shaping economic forecasts and market sentiment for the foreseeable future.