TLDR
- Bitcoin was trading around $88,800 on Monday as global markets displayed risk appetite, with Asian stocks climbing over 1%
- Gold reached an all-time high above $4,380 per ounce, on track for its strongest annual performance since 1979
- Ether rebounded to trade above $3,000 while XRP, Solana, and Dogecoin posted gains following recent volatility
- Over $576 million in crypto positions were liquidated during the recent turbulent period
- Wall Street strategists set bullish 2026 targets, including JPMorgan’s forecast of the S&P 500 hitting 7,500
Bitcoin maintained its position near $88,800 on Monday as global markets showed renewed interest in risk assets. The leading cryptocurrency traded steadily while broader markets recorded gains across multiple asset classes.
Ether bounced back to trade above $3,000 during the session. Other major cryptocurrencies like XRP, Solana, and Dogecoin also registered gains after a period of sharp price fluctuations.
The crypto market recently saw turbulence, with over $576 million in positions liquidated. Traders note that thin year-end liquidity and lingering leverage have curbed rallies.
Gold surged to a record high above $4,380 per ounce on Monday. The precious metal is poised for its strongest annual performance since 1979.
Central bank purchases and steady inflows into gold-backed exchange-traded funds have supported the rally. Growing expectations of Federal Reserve rate cuts in 2026 boosted gold’s momentum further.
Asian equities rose more than 1%, led by technology shares. The MSCI Asia Pacific Index climbed as U.S. equity futures also traded higher.
Markets stabilized after U.S. equities rebounded late last week. This move helped calm global markets as the year enters its final weeks.
Equity Market Performance
The S&P 500 closed within 1% of its record high after five consecutive winning sessions. The Nasdaq Composite ended November within 3% of its peak, despite breaking a seven-month winning streak.
The Dow Jones Industrial Average traded less than 2% below its record close. Markets finished the holiday-shortened week on a positive note.
Technology stocks showed mixed results over the past month. One declined by 13% while another dropped around 8% during the period.
Interest Rate Cut Expectations
Traders currently estimate an 86.9% chance of a quarter-point rate cut at the Federal Reserve’s December meeting. The Fed entered its mandatory blackout period on Saturday ahead of its December 9–10 policy meeting.
President Trump announced he had selected his nominee for the next Federal Reserve chair. He stated expectations for the nominee to implement rate cuts without disclosing the choice.
Wall Street strategists issued bullish 2026 forecasts. JPMorgan set a target of 7,500 for the S&P 500 by year-end, representing nearly a 10% gain from current levels.
HSBC strategists also set their 2026 price target at 7,500. Deutsche Bank predicted the index would reach 8,000, with all three firms citing the AI technology cycle as a key driver.
Data from K33 Research indicates long-term Bitcoin holders are nearing the end of an extended selling phase. Institutional buyers have started absorbing Bitcoin faster than miners can produce it, per the research.
Corporate treasuries and ETFs increased their Bitcoin purchases even after prices fell over 30% from October highs. Japan’s recent rate hike pushed government bond yields to multi-year highs as the yen strengthened.
