U.S. stocks hit new highs, but the crypto market struggles to hide signs of fatigue: Bitcoin comes under pressure and retreats, as risk-averse sentiment among investors intensifies.
Despite the continued strength and new highs in global stock markets, the weakness in the cryptocurrency market persists. On Wednesday, Bitcoin and several mainstream digital assets collectively declined, with the total cryptocurrency market cap dropping about 1.4% to $2.97 trillion, once again falling below the critical $3 trillion mark, indicating insufficient market rebound momentum.
Bitcoin price hovered around $86,900, failing to effectively break through the $90,000 psychological barrier for the third consecutive day. Ethereum declined about 1.5%, trading around $2,927. Meanwhile, Solana, XRP, and Dogecoin experienced more significant declines, with SOL dropping nearly 3% in a single day, reflecting the clear pressure on high-beta assets. This trend indicates that, against a backdrop of increasingly cautious macroeconomic conditions, investors' willingness to allocate to high-risk crypto assets is decreasing.