Bitcoin Holds Steady Near $90K Amid Market Pressures
- Bitcoin (BTC) traded around $90,500, down approximately 1% over the last 24 hours.
- Ethereum (ETH) slightly decreased to $3,131.55 but reached its highest price against BTC in over a month.
- Zcash (ZEC) and Canton Network (CC) saw double-digit gains, contrasting with broader market trends.
- The CoinDesk 20 Index declined by about 0.8%, indicating overall market weakness.
- Over seven million BTC are currently at unrealized losses, reflecting bearish sentiment similar to past consolidation periods.
The crypto market is facing structural challenges as Bitcoin’s demand weakens amidst rising long-duration government bond yields and declining U.S. equities. This week’s Federal Reserve meeting may further influence market volatility depending on monetary policy signals.
With Bitcoin’s recent struggles and over seven million BTC at unrealized losses, analysts warn of a fragile setup heading into year-end.(Source)
