Bitcoin surged to the $90,000 mark last night but couldn't hold on and fell back down. It's now stuck around $88,000, while Ethereum is also fluctuating around the $3,000 line, making it a bit tough for long positions.

When the US stock market opened, Bitcoin was directly slammed down to a low of $86,578, which extinguished the bullish enthusiasm of many. As of now, the price is quoted at $87,658, returning to the previous consolidation range. Considering that the Christmas holiday is approaching, the coin price may linger around here in the short term.

Interestingly, the US stock market did not follow the downturn at all. The S&P 500 reached a new historical high, reporting 6,909.79 points. The key contributors behind this are the strong performance of AI leaders and the better-than-expected delayed announcement of third-quarter GDP data. The US Department of Commerce revised its figure to 4.3%, which is a full percentage point higher than market expectations, with personal consumption expenditure growth of 3.5% being the most impressive part. This indicates that the underlying economic data remains stable.

All four major indices closed in the green — the Dow Jones rose by 67 points to close at 43,150 points; the S&P 500 rose by 0.46%; the Nasdaq rose by 0.57% to close above 18,850 points; the Philadelphia Semiconductor Index rose by 0.55% to close above 5,000 points. On a macro level, it still seems to be releasing expectations for interest rate cuts, although the timeline has been pushed to 2026, but investors have clearly begun to digest this logic in advance.