Large-cap cryptocurrencies remained on the defensive Thursday, even as equity markets showed signs of improving risk appetite. A stronger U.S. dollar and lingering uncertainty over Federal Reserve policy continued to limit the durability of crypto rebounds.
Selling pressure was evident across major tokens, with ether, XRP and Solana leading the declines as traders failed to build on the week’s modest stabilization. Bitcoin changed hands near $66,700, down about 1.7% over the past 24 hours, according to CoinDesk data. Ether slipped to roughly $1,965, while XRP tumbled nearly 5% and Solana fell close to 4%. BNB and Dogecoin also traded lower, highlighting broad-based weakness rather than isolated token-specific catalysts.
The crypto pullback contrasted with firmer performance in Asian equities during thin holiday trading. MSCI’s Asia-Pacific index excluding Japan gained around 0.5%, Japan’s Nikkei rose about 0.85%, and South Korea’s Kospi climbed roughly 3% to a fresh record.
The move followed a rebound in U.S. technology shares after Nvidia secured a multi-year agreement to supply Meta Platforms with AI chips, lifting sentiment in the tech sector.
Digital assets, however, did not participate in that optimism. Recent bounces have been consistently met with selling, with rallies losing momentum almost as quickly as they form. While the sharp capitulation seen earlier in the quarter has eased, sustained spot demand remains elusive, preventing a meaningful shift in tone.
The dollar firmed after minutes from the Federal Reserve’s latest meeting showed policymakers are not in a hurry to ease policy. Some officials even signaled that further rate hikes remain possible if inflation proves persistent. A stronger dollar typically tightens global liquidity and pressures risk-sensitive assets — a dynamic reflected in crypto’s latest slide.
At the same time, gold has continued to display relative resilience, quietly absorbing macro uncertainty while other risk assets fluctuate. That divergence has intensified debate over bitcoin’s “digital gold” narrative.
Alex Tsepaev, chief strategy officer at B2PRIME Group, said in comments to CoinDesk that gold’s steadiness reflects investors seeking straightforward hedges amid lingering concerns around geopolitics, monetary policy and the Fed’s path forward.
“I believe that gold will continue to be a default haven and will probably attempt to break through the tough $5,000–$5,100 ceiling. That said, once risk appetite returns, ETF flows stabilize, and U.S. regulations stop dragging, Bitcoin may recover considerably more quickly,” he said.
“After all, Bitcoin attracts liquidity faster than gold, partly because it’s still sometimes referred to as a speculative asset.”
Oil prices maintained recent gains amid ongoing U.S.-Iran tensions, keeping geopolitical risks in the background. For now, crypto remains caught between short-lived relief rallies and a macro environment that has yet to provide the foundation for a more durable recovery.
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