Bitcoin fails to break through $90,000, market sentiment drops to 'fear' stage... Decoupling from US stock market intensifies

Source: BlockMedia Original Title: [Market Update] Bitcoin Gives Up $90,000, Market Sentiment in ‘Fear’… ‘Decoupling’ from US Stock Market Original Link: https://www.blockmedia.co.kr/archives/1015864 According to CoinMarketCap, the digital asset market capitalization currently stands at $3.05 trillion, down 2.4% from the previous day. The Fear & Greed Index(Fear & Greed Index) recorded 25, remaining in the Fear(Fear) stage.

Bitcoin(BTC) briefly surpassed $93,000 during the session but is now trading at $89,496.78, down 2.77% from the previous day. A major financial institution estimated Bitcoin’s production cost at $90,000 and analyzed that as long as the price does not stay below the production cost for an extended period, the downside risk will be limited.

Major altcoins such as Ethereum(ETH) and XRP(XRP) are also showing declines of around 2-6% compared to the previous day. Although they attempted to break upward during the session, they failed to rebound and turned downward.

All Three Major US Stock Indices Rise

Unlike digital assets, US stock markets are rising across the board on expectations of interest rate cuts. The Dow Jones Industrial Average closed at 48,004.90, up 153.96 points (+0.32%) from the previous session. The Nasdaq Composite rose 73.04 points (+0.31%) to 23,578.18. The S&P 500 ended at 6,871.86, up 14.74 points (+0.21%).

The rally in US stocks was driven by a 2.8% rise in September Personal Consumption Expenditures(PCE), which matched expectations, as well as an increase in US consumer sentiment for the first time in five months.

Experts analyze that this decoupling phenomenon is due to a combination of liquidity issues within the crypto market itself and Wall Street’s caution toward companies holding large amounts of Bitcoin.