U.S. dollar weakness, rising precious metals and falling bond yields are unfolding largely as expected under looser financial conditions, yet cryptocurrencies remain stuck in a bearish phase.

Historically, easier Federal Reserve policy pressures the dollar lower, pulls down Treasury yields, lifts precious metals and supports risk assets — including bitcoin and the broader crypto market.

In the wake of the Fed’s rate cut on Wednesday, those traditional reactions have materialized. The dollar index (DXY) slid to a seven-week low, precious metals surged — with silver hitting a fresh record near $64 an ounce — and the 10-year Treasury yield eased to 4.12% from 4.20%.

Crypto markets, however, have failed to follow suit. After briefly spiking above $94,000 immediately following the Fed decision, bitcoin has reversed sharply, slipping to around $89,400 and posting a 3% loss over the past 24 hours. Ether is down 5.5%, while XRP and Solana are each sliding close to 4%.

Sentiment in digital assets may be further pressured by weakness in AI-linked equities after Oracle reported disappointing quarterly earnings late Wednesday. Oracle shares plunged 14% on Thursday, dragging down heavyweight names such as Nvidia, AMD and Broadcom, while the Nasdaq fell 1.2%.

Bitcoin mining stocks — many of which have pivoted toward AI infrastructure — also declined alongside the broader tech selloff. Hut 8, Iren, Cipher Mining and Riot Platforms each posted losses in the 5% to 6% range.

Meanwhile, Strategy fell 6.4%, Coinbase slid 5%, and Robinhood dropped 8.3% after its November update revealed a sharp slowdown in crypto trading volumes.