Bitcoin traded near $88,800 on Monday as global markets eased back into risk, following record highs in gold and gains across Asian equities.

Ether rebounded above $3,000, while XRP, Solana, and Dogecoin also edged higher after a volatile period in which crypto prices swung sharply, often independently of stocks and commodities.

The calmer market tone came as gold surged to an all-time high above $4,380 an ounce, fueled by growing expectations that the Federal Reserve may implement additional rate cuts in 2026. The metal is on track for its strongest annual performance since 1979, supported by central-bank buying and steady inflows into gold-backed ETFs.

Asian stocks advanced alongside gains 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 were also 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 after officials warned against excessive currency movements, while higher yields reinforced the shift away from years of ultra-loose monetary policy.

Crypto generally followed the broader risk sentiment but remained fragile. Traders cited thin year-end liquidity and lingering leverage as factors constraining rallies.

Data from K33 Research indicates that 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 even after prices fell more than 30% from October highs.

Overall, crypto continues to take cues from the macro backdrop—supported by rate-cut expectations and haven demand in gold, but tempered by the lingering effects of a deep fourth-quarter drawdown.