Large-cap cryptocurrencies stayed under pressure on Thursday, even as equity markets showed improving risk appetite. A stronger U.S. dollar and lingering uncertainty around the Federal Reserve’s rate outlook continued to cap upside attempts in digital assets.

Major tokens moved lower across the board, with ether, XRP and Solana leading declines as traders failed to build on the week’s tentative stabilization. Bitcoin traded near $66,700, down about 1.7% over the past 24 hours, according to CoinDesk data. Ether slipped to roughly $1,965, while XRP fell nearly 5% and Solana dropped close to 4%. BNB and Dogecoin also traded in the red, underscoring broad-based weakness rather than isolated token-specific catalysts.

The pullback came despite gains in Asian equities during light holiday trading. MSCI’s Asia-Pacific index excluding Japan rose around 0.5%, Japan’s Nikkei advanced about 0.85%, and South Korea’s Kospi surged roughly 3% to a record high.

That equity rebound followed renewed strength in U.S. technology shares after Nvidia struck a multi-year deal to supply Meta Platforms with AI chips, lifting sentiment across the tech sector.

Crypto markets, however, did not mirror the optimism. Recent rallies have been consistently sold into, with upward moves fading quickly once momentum slows. While the sharp capitulation seen earlier in the quarter has eased, sustained spot demand remains insufficient to drive a more durable recovery.

The dollar firmed after minutes from the Federal Reserve’s latest meeting signaled policymakers are in no rush to ease policy. Some officials even indicated that further rate hikes remain possible if inflation proves persistent. A stronger greenback typically tightens global liquidity and pressures risk-sensitive assets — a dynamic reflected in crypto’s latest retreat.

In contrast, gold has demonstrated steady resilience, absorbing macro and geopolitical uncertainty even as other markets fluctuate. That divergence has intensified debate over bitcoin’s “digital gold” narrative.

Alex Tsepaev, chief strategy officer at B2PRIME Group, said gold’s performance reflects investors’ preference for straightforward hedges in a market unsettled by geopolitics, monetary policy and inflation risks.

“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 maintained recent gains amid ongoing U.S.-Iran tensions, keeping geopolitical risks in focus. For now, cryptocurrencies remain caught between short-lived relief rallies and a macro backdrop that has yet to provide sustained support.