Bitcoin and Ethereum Stall as Traders Brace for Holiday Volatility
Bitcoin and Ethereum prices are flat, each down about 1% over the past 24 hours, while XRP dropped 3.1%, reversing recent ETF-driven gains. Other top altcoins, such as Solana and Dogecoin, fluctuate between -1% and +1%. Although U.S. financial markets are closed for Thanksgiving, crypto trading continues; however, holiday-related low liquidity may lead to increased volatility. Current market moves do not appear driven by the holiday itself. Sentiment turned bullish after the probability of a U.S. interest rate cut in December rose sharply, with most investors now expecting a quarter-point cut bringing rates to 3.50%-3.75%. This policy shift reversed earlier bearishness and spurred risk-on attitudes, reflected by prediction markets increasingly betting on higher Bitcoin prices. However, analysts caution the bullish outlook is not guaranteed. Options market activity, including significant long call condor trades, suggests expectations for Bitcoin to remain within a certain price range, with data showing ongoing bearish bets and notable short-term volatility.
