I noticed an interesting thing these past few days. While Asian and American stocks were rising (the Nikkei climbed 0.85%, the Kospi even hit a record high), cryptocurrencies were doing the complete opposite. Bitcoin is hovering around 74K with a 0.01% decrease over 24 hours, Ether is slipping to 2.33K (-1.37%), and Solana took a bigger hit with -2.46%. XRP and the others are following the same downward trend.

Heavy hedging clearly comes from the Fed. The latest comments from officials show they are not in a hurry to cut rates, and some even talk about hikes if inflation persists. As a result, the dollar is strengthening, tightening overall liquidity and directly weighing on risky assets like crypto. It’s a classic pattern.

What strikes me is that gold continues to rise quietly while everything else wobbles. This revives the debate about Bitcoin as "digital gold." Honestly, gold absorbs market anxiety with a solidity that Bitcoin has not yet achieved. Alex Tsepaev from B2PRIME Group puts it well: gold remains the default hedge when investors are nervous about geopolitics and political decisions. He thinks gold will try to pass 5,000-5,100 dollars. But he adds that as soon as risk appetite returns and US regulation stops holding back, Bitcoin could really accelerate.

The problem for now is that every crypto rebound is quickly sold off. There isn’t enough stable spot demand to really change the dynamic. We’re stuck between small relief rallies and a macro environment that doesn’t help. US-Iran tensions also keep geopolitical risk in the background, which heightens overall anxiety. We need to wait for things to calm down to see a real move.