Crypto Market News Today, December 3: Holy Moly!! Crypto is Back as BTC USD Blasts $93K, ETH Back Above $3K as Fusaka Upgrade Looming
In crypto news today, the pump in BTC and ETH against USD, and the anticipation around the Fusaka upgrade are the talking points. BTC USD breaking above $93,000 and ETH USD reclaiming the $3,000 level, it almost feels like déjà vu for anyone who has lived through previous crypto cycles.
However, the tone is different this time. All four key drivers, BTC USD momentum, the behavior of ETH USD, the market’s appetite for risk, and the imminent Fusaka upgrade collided in a way that can push sentiment higher, as violent moves upward can come after yesterday’s butchery.
BTC USD Strength Pushes Crypto Into Overdrive
The biggest news catalyst hitting crypto today is coming from Bank of America, with them publicly advising clients to allocate up to 4% of their portfolios to Bitcoin and crypto.
For Bitcoin and crypto, such an endorsement from a legacy institution is massive. It adds credibility at a moment when the total crypto market cap jumped by $180 billion in a single day, while many major alts gained between 8–13%. These gains, of course, are closely related to BTC USD and ETH USD pumps.
(source – CoinGecko)
But the day also comes with ironic twists. Trader James Wynn (who has unintentionally become another Jim Cramer meme) posted a bearish take right before BTC USD reversed upward. We know Wynn has been making his way up trading in HyperLiquid before he got himself zeroed out with countless liquidations.
Relief rally (as called and expected in a downtrend/bear market)…
Bulls out in full force. Enjoy it.
– Wynn
— James Wynn (@JamesWynnReal) December 2, 2025
His call was followed by a sharp flip in momentum, underscoring yet again how unpredictable short-term sentiment can be. Moments like these remind long-term holders why simply sticking with spot positions often outperforms attempts to time volatility.
However, there are some macro forces that also crept into the picture. Japan’s 30-year bond yield hit 3.41%, its highest level ever recorded. If the Federal Reserve cuts rates while the BOJ hikes in December, the long-standing US-Japan rate gap could collapse.
(source – Marketwatch)
A strengthened yen would force the yen to carry trade, historically a setup that drains liquidity from global risk assets. The last major unwind helped form a major low in Bitcoin. If repeated, it could pressure BTC USD again, even as fundamentals strengthen.
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ETH USD Braces for the Fusaka Upgrade and Market Reversal Potential
Early today, an original Ethereum ICO participant moved and sold 23,000 ETH. ETH dipped against USD briefly, but quickly reversed, almost the same pattern seen during previous upgrade cycles.
Back in May, during the Pectra update, Ethereum chopped around before eventually pumping afterward, a trend consistent with historical “sell-the-news then recover” behavior.
(source – ETH USD, TradingView)
Tonight’s Fusaka upgrade could be even more impactful. It introduces PeerDAS, letting nodes sample only fragments of transaction data, enabling as much as an eight-fold capacity increase while lowering fees for layer-2 rollups.
Fusaka also raises the block gas limit to 60 million, and adds secure passkey support so ETH users can sign transactions via Face ID or fingerprints, no seed phrase required. For ETH, this upgrade improves scalability and boosts value accrual through increased blob-fee burns.
1/ The Fusaka upgrade is coming December 3rd.
Ethereum is securely scaling.
Are you ready to support the changes?
Here’s what developers across the ecosystem need to do to prepare
pic.twitter.com/aHArhmJWnX
— Ethereum (@ethereum) December 1, 2025
Will it strengthen it against the USD? Time will tell, but likely.
With the news talking about how strong BTC USD is and ETH USD preparing for the Fusaka upgrade, crypto, today, points toward the healthiest momentum the market has seen all year.
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The post Crypto Market News Today, December 3: Holy Moly!! Crypto is Back as BTC USD Blasts $93K, ETH Back Above $3K as Fusaka Upgrade Looming appeared first on 99Bitcoins.
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