Bitcoin and other major cryptocurrencies fell on Wednesday as the total market capitalization of cryptocurrencies dropped by 1.4% to $2.97 trillion, falling again below the $3 trillion level after another failed attempt to maintain the recovery.

Bitcoin traded around $86,900, failing to hold above the $90,000 level for the third time in three days, while Ethereum fell by 1.5% to around $2,927. XRP, Solana, and Dogecoin recorded larger losses, with Solana dropping nearly 3% and XRP declining by about 2%.

This decline came even as some stock indices rose to new record levels, reinforcing the sentiment that capital is leaning towards safety rather than high-risk bets.

Global stocks reached another record level as traders leaned into a strong reading of U.S. growth, bolstering a stronger corporate earnings case.

The MSCI World Index rose for the fifth consecutive session on Wednesday, bringing its gains since the beginning of the year to 21%. Asian stocks added 0.2%, led by technology shares after the S&P 500 closed at an all-time high on Tuesday.

Trading volumes were light ahead of the Christmas holiday, and futures contracts pointed to a quiet opening in Europe.