Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are trading under pressure on Tuesday as bearish sentiment in the broader cryptocurrency market lingers.

Despite Bitcoin trading above $86,000, up from an intraday low of $85,266, the overall outlook remains bearish, characterised by “extreme fear”, according to the Crypto Fear & Greed Index.

Solana (SOL) remains under bearish pressure, extending its decline for the third consecutive day with over 1% loss at press time on Tuesday. An ongoing Distributed Denial of Service (DDoS) attack on the Solana blockchain, peaking at 6Tbps, remains ineffective so far but continues to add pressure on traders’ sentiment. Additionally, the derivatives market sentiment is bearish, as Open Interest falls and funding rates turn negative.

The United Kingdom’s Financial Conduct Authority (FCA) launched a series of consultations on proposed rules for digital asset markets, marking the next phase in the government’s effort to establish a comprehensive regulatory framework for crypto assets.