Bitcoin steadies near $89,000 amid a gold record and gains in Asian stocks

Bitcoin hovered near $88,800 on Monday as global markets regained risk appetite following record highs in gold and gains across Asian equities.

Ether climbed above $3,000, while XRP, Solana, and Dogecoin also edged higher after a volatile stretch in which crypto prices moved largely independently of stocks and commodities.

Gold surged to an all-time high above $4,380 an ounce, driven by growing expectations that the Federal Reserve could deliver additional rate cuts in 2026. The metal is on track for its strongest annual performance since 1979, bolstered by central-bank buying and steady inflows into gold-backed ETFs.

Asian equities advanced alongside the rally in precious metals. The MSCI Asia Pacific Index rose more than 1%, led by technology shares, following a rebound in U.S. equities late last week. U.S. equity futures also moved higher.

Japan remained in focus after the Bank of Japan’s recent rate hike pushed government bond yields to multi-year highs. The yen strengthened following warnings from officials against excessive currency moves, while higher yields signaled a shift away from years of ultra-loose monetary policy.

Crypto markets broadly tracked the risk-on tone but remained fragile. Traders cited thin year-end liquidity and lingering leverage as factors keeping rallies in check.

Data from K33 Research shows long-term Bitcoin holders are nearing the end of an extended selling phase, while institutional buyers are absorbing Bitcoin faster than miners can produce it. Corporate treasuries and ETFs have continued purchases despite prices falling more than 30% from October highs.

Overall, crypto remains influenced by macroeconomic trends—supported by rate-cut expectations and haven demand in gold—but tempered by the lingering effects of a deep fourth-quarter drawdown.