Just look at today, all major cryptocurrencies are red even though Asian stocks are rallying. Bitcoin dropped to around $74K, Ether fell to $2.32K, and XRP along with Solana are also struggling. Meanwhile, Nikkei and KOSPI are doing well, but crypto isn't bouncing back. It seems this is due to the dollar being strong after the Fed release minutes, which signal they’re not in a hurry to cut interest rates, and there’s even a possibility of hikes if inflation remains high.

What’s interesting is that gold remains solid amidst all this uncertainty. It’s a stark contrast to the volatile crypto market. This raises questions again: can Bitcoin still be called digital gold if real gold is the safe haven? A strong dollar usually suppresses risky assets, and the market is clearly showing that pattern. Geopolitical tensions also remain a concern, with US-Iran tensions keeping oil prices elevated.

What to watch: Bitcoin tried to break through $76K but failed and retreated, the funding rate on major exchanges has been negative for 46 days, and every rally is met with selling. With volatility at 1:50, the market is currently stuck between relief bounces and macro factors that aren’t yet supportive of a real trend change. A return to risk appetite and stable ETF flows are needed for this to shift.