Ether, XRP and Solana post losses amid a digital asset sell-off, despite strength in Asia’s tech-heavy stock markets.

Major cryptocurrencies continued to face selling pressure Thursday, even as equity markets showed tentative signs of improved risk appetite. A firmer U.S. dollar and uncertainty around the Federal Reserve’s rate path kept crypto rallies shallow and short-lived.

Broad declines swept across large-cap tokens, with ether, XRP and Solana leading losses as traders struggled to extend the week’s modest stabilization. Bitcoin traded around $66,700, down roughly 1.7% over the past 24 hours, according to CoinDesk data. Ether hovered near $1,965 with a similar percentage drop, while XRP slid close to 5% and Solana fell about 4%. BNB and Dogecoin also moved lower, signaling market-wide softness rather than token-specific weakness.

The downturn in digital assets came despite gains in Asian stocks during thin holiday trading. MSCI’s Asia-Pacific index excluding Japan rose about 0.5%, Japan’s Nikkei added roughly 0.85%, and South Korea’s Kospi surged around 3% to a record high.

That equity strength followed a rebound in U.S. technology shares after Nvidia signed a multi-year agreement to provide AI chips to Meta Platforms, boosting sentiment in the tech sector.

Crypto markets, however, failed to mirror the optimism. Recent rebounds have been consistently met with selling, with gains fading as soon as upward momentum stalls. While the sharp unraveling seen earlier in the quarter has subsided, the market has yet to attract sustained spot demand strong enough to shift the broader trend.

The dollar strengthened after minutes from the Federal Reserve’s latest meeting showed policymakers are in no rush to cut rates. Some officials even pointed to the possibility of additional tightening if inflation remains persistent. A stronger greenback typically tightens global liquidity conditions and weighs on risk-sensitive assets, a pattern reflected in crypto’s pullback.

Meanwhile, gold has shown relative resilience, quietly absorbing macro and geopolitical uncertainty as other risk assets churn. The contrast has revived debate over whether bitcoin can still credibly claim “digital gold” status.

Alex Tsepaev, chief strategy officer at B2PRIME Group, told CoinDesk that gold’s stability highlights investors’ preference for straightforward hedges amid ongoing concerns over geopolitics, central bank policy and inflation.

“I believe that gold will continue to be a default haven and will probably attempt to break through the tough $5,000–$5,100 ceiling. That said, once risk appetite returns, ETF flows stabilize, and U.S. regulations stop dragging, Bitcoin may recover considerably more quickly,” he said.

“After all, Bitcoin attracts liquidity faster than gold, partly because it’s still sometimes referred to as a speculative asset.”

Oil prices also held firm amid persistent U.S.-Iran tensions, keeping geopolitical risk in focus. For now, crypto remains stuck between intermittent relief rallies and a macro backdrop that has yet to turn decisively supportive.