BTC, XRP, ETH News: Bitcoin price reverses early gains as Nasdaq futures wilt

Bitcoin reversed gains made during the Asian session, falling below $88,000 after briefly exceeding $90,000, which also caused major altcoins like XRP, Ether, Solana, and DOGE to retrace their advances. This decline aligns with weakness in stock index futures, as Nasdaq 100 futures were trading 0.5% lower, reflecting a strong positive correlation between BTC and the Nasdaq, especially during Nasdaq downtrends. The pullback led to a slight decrease in cumulative open interest in futures markets. Analysts noted that Bitcoin has recently underperformed during U.S. hours, likely due to selling pressure from year-end tax harvesting, as crypto was a significant underperformer globally this year. Despite the near-term uncertainty, one expert maintained a bullish long-term outlook, suggesting looking to add to long positions between $71k and $84k.

(Source：CoinDesk)