The US stock market is on the rise, but Bitcoin is weak, falling below $88,000.

Source: BlockMedia Original Title: [Coin Market] The US stock market is on the rise, but Bitcoin is losing strength below $88,000. Original Link: https://www.blockmedia.co.kr/archives/1024170 Thanks to the year-end Santa rally, the US stock market continues to soar to record highs, but the digital asset ( virtual asset ) market appears to be relatively weak. Bitcoin ( BTC ) has shown a downward trend again, falling below $88,000 on major exchanges, reflecting a divergence from the stock market.

As of 8:28 AM on the 24th, Bitcoin is trading at 130.38 million won on the domestic digital asset exchange Upbit, down 1.36% compared to 9 AM the previous day. On the global exchange 某거래소, it is trading at $87,393, down 1.41%. At the same time, Ethereum(ETH) is trading at $2,958.74, down 1.73%, and XRP(XRP) is trading at $1.87, down 1.69%.

According to CoinGlass, approximately $84.32 million(, or about 124.9 billion won), worth of positions were liquidated in Bitcoin over the last 24 hours. Among these, about 73.8% were long( positions. In the overall digital asset market, liquidations amounted to approximately $255.05 million), or about 377.9 billion won(.

Last night, the US stock market rose across all three major indices, buoyed by third-quarter economic growth. The Dow Jones Industrial Average closed up 79.73 points to 40,442.41, an increase of 0.16% from the previous trading day. The Standard & Poor's 500 index recorded a rise of 31.3 points to 6,909.79, marking an increase of 0.46% and a new all-time high. The tech-heavy Nasdaq index finished up 133.015 points at 23,561.844, a gain of 0.57%.

By sector, AI)-related stocks led the bullish market. NVIDIA rose by 3.01%, Broadcom by 2.3%, and Alphabet also showed strength with a 1.48% increase.

According to the Bureau of Economic Analysis(BEA) under the U.S. Department of Commerce, the advance estimate for real Gross Domestic Product(GDP) in the third quarter showed a growth rate of 4.3% on an annualized basis compared to the previous quarter. This figure exceeds the growth rate of 3.8%( in the second quarter and greatly surpasses the market expectation of 3.2%) compiled by Dow Jones. In terms of growth rate, this is the highest level since the third quarter of 2023, which was 4.7%(.

On the other hand, the digital asset market is not experiencing a year-end effect. QCP stated, “Traders are showing movements to reduce risk exposure ahead of the year-end, resulting in a limited short-term direction,” and added, “The open interest for Bitcoin and Ethereum has decreased by approximately $3 billion and $2 billion respectively, leading to lower leverage.”

It was stated that “while this has the effect of clearing excessive positions in the market, the thinning liquidity creates a fragile environment where volatility could increase in either direction in the future.” They also predicted that “unless a clear directional breakout occurs, the digital asset market is likely to continue moving within a range until the end of the year.”

The British daily newspaper The Guardian pointed out that the enthusiasm for Bitcoin has cooled. The Guardian stated, “Bitcoin has simply become a more boring entity as it has been incorporated into the financial mainstream,” and pointed out that “the moment JP Morgan or BlackRock refer to Bitcoin as a common asset class, part of its revolutionary spirit has vanished.”

The analysis indicates that market interest is not as strong as it used to be. The Guardian reported that “recent Google search volume for Bitcoin has remained stable,” and that “even Elon Musk, who once fueled the Bitcoin craze, now seems to be looking for other topics to tweet about.”

In addition, the Guardian cited the following factors for the decline in Bitcoin prices: △the overall market risk-off sentiment △hawkish interest rate signals from the Federal Reserve △weaker-than-expected regulatory momentum △thin liquidity and institutional fund outflows △profit-taking by long-term holders.

Meanwhile, the Alternative Fear·Greed index, which indicates the investment sentiment in the digital asset market, rose to 29 points today, up from 22 points the previous day. A score closer to 0 indicates strong selling pressure, while a score closer to 100 indicates a strong buying tendency.