Continuing a rally that's come alongside a sharp rise in odds of a Federal Reserve rate cut in early December, bitcoin BTC$90,530.07 rose to the $93,000 in early U.S. trading hours on Friday.

At press time, bitcoin had pulled back to $92,500, still up 2% over the past 24 hours and now ahead about 15% since a panicky bottom of $80,000 about one week ago.

Bitcoin's reversal of fortune came alongside a massive 180 degree turn in investor expectations for a Fed rate cut in early December. A series of hawkish Fed speakers had previously whittled the odds of Fed easing to just about 30% earlier this month, but — as the central bank doves appear to have retaken control of the narrative — those odds shot back to 89% this morning.

Stock movers

Crypto mining stocks are pacing today's rally, with CleanSpark (CLSK) higher by 12.5%, Bitfarms (BITF) 11%, and Riot Platforms (RIOT) 9%.

Severely battered bitcoin treasury firm KindlyMD (NAKA) is bouncing 12%. Michael Saylor's Strategy (MSTR) is ahead 3.8%.

Precious metals are leading the rally in traditional markets, with silver at a new record high near $55 per ounce, up 3% on the day. At roughly $3.1 trillion in market value it now ranks as the sixth largest asset globally. Gold has also moved higher, trading above $4,200 an ounce.

The Nasdaq early Friday is up 0.4% and the S&P 500 0.3%.