Bitcoin Rebounds to $93K as Altcoins Lag, Precious Metals Rally
Bitcoin (BTC) climbed back to $93,000 on Thursday after falling to $89,000 following Wednesday’s Federal Reserve rate cut and a weak U.S. stock open. Analysts say selling pressure is easing, though the market is not yet fully stabilized.
Altcoins largely stayed under pressure. Cardano (ADA) and Avalanche (AVAX) led losses, down 6%-7%, while Ether (ETH) fell 3%, holding above $3,200.
Bitcoin’s late-day recovery coincided with modest U.S. equity gains: the Nasdaq pared losses to close down 0.25%, the S&P 500 finished slightly positive, and the Dow Jones rose 1.3%.
Precious metals outperformed, with silver jumping 5% to a record $64 per ounce and gold climbing over 1% to near $4,300, supported by a weaker U.S. dollar index.
Crypto exchange Gemini surged more than 30% after securing regulatory approval to offer U.S. prediction markets.
Crypto Divergence and Market Outlook
Jasper De Maere, desk strategist at Wintermute, noted crypto’s growing decoupling from equities. “Yesterday fit the pattern: equities rallied while crypto sold off, suggesting the Fed’s rate cut was already priced in,” he said, adding that focus is shifting to U.S. crypto regulation and emerging stagflation concerns.
Swissblock added that Bitcoin’s selling pressure is slowing. “The second selling wave is weaker than the first. Stabilization signs are appearing, though confirmation is still pending,” the firm said.
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