Bitcoin holds steady at the $89,000 mark, gold hits a new high, and Asian stock markets collectively rebound.

Against the backdrop of a warming risk appetite in the global market, Bitcoin prices stabilized around $89,000 on Monday, with intraday reporting approximately $88,800. Meanwhile, gold prices broke historical highs, Asian stock markets generally rose, and the overall sentiment in macro assets tended to improve. This trend indicates that Crypto Assets, precious metals, and the TradFi market are all being influenced by changes in global macro expectations.

From the crypto market perspective, Ethereum's price has once again surpassed the $3,000 mark, while XRP, Solana, and Dogecoin have shown slight rebounds after previous significant fluctuations. For a period, the price trends of crypto assets were clearly decoupled from stocks and commodities, but at this stage, they are re-linking with overall risk sentiment. However, traders generally believe that the low market liquidity at the end of the year and the still high leverage funds limit the upward potential of crypto assets.

In terms of safe-haven assets, the price of gold has surpassed $4,380 per ounce, setting a new historical high, driven by escalating geopolitical tensions and market expectations that the Federal Reserve may further cut interest rates in 2026. Central banks around the world continue to increase their gold reserves, coupled with ongoing inflows into gold ETFs, which makes gold likely to record its strongest annual rise since 1979.

Asian stock markets were also boosted, with the MSCI Asia-Pacific Index rising over 1%, led by technology stocks. The previous rebound in U.S. stocks provided a stable foundation for the global markets, and U.S. stock index futures also rose. In Japan, after the recent interest rate hike by the Bank of Japan, Japanese government bond yields have reached multi-year highs, and the strengthening yen has attracted market attention. Japanese officials warned that the exchange rate fluctuations are too large, and the rising yields have further reinforced Japan's gradual exit from ultra-loose monetary policy.

In terms of Bitcoin fundamentals, K33 Research data shows that long-term holders are nearing the end of a months-long selling phase, while institutional investors continue to absorb Bitcoin through ETFs and corporate treasuries, with their buying power surpassing the new supply from miners. Even with Bitcoin's price correcting more than 30% from the October peak, institutional demand remains strong.

Overall, the Crypto Assets market is seeking a new balance within the macro environment. On one hand, expectations of interest rate cuts and demand for gold as a safe haven provide support for Bitcoin; on the other hand, the recovery after significant fluctuations in the fourth quarter is still ongoing, and the market remains cautious in the short term. (CoinDesk)