Bitcoin tumbles as BTC slipped below $85,200 after falling about 6% from earlier levels, trading above $88,000 in the early session. The intraday move included a drop to below $84,000 at one point, while major crypto exchange stocks also fell, with Coinbase down roughly 7% and Gemini down about 8%. Precious metals moved lower alongside equities, with gold plunging nearly 10% to under $5,200 an ounce and silver falling from $121 to about $108.
In recent cryptocurrency market movements, Ethereum was priced at $2,758.80, Solana at $116.35, Dogecoin at $0.1154, and Cardano at $0.3314. Year-to-date, several key exchanges experienced significant losses, with Bullish down 16%, Circle seeing a 20% decline, Coinbase dropping 17%, and Gemini falling 21%. January’s spot trading volume across exchanges was notably lower at $900 billion compared to $1.7 trillion a year earlier. In addition, Strategy stocks declined by 8% on its worst trading day since December 12.
Traditional financial markets experienced notable selloffs alongside Bitcoin’s decline. Microsoft shares plummeted by more than 11%, while the S&P 500 Volatility Index (VIX) surged over 16% to reach a level of 19. In the precious metals market, gold initially soared above $5,600 per ounce but subsequently plunged nearly 10% to fall below $5,200. Meanwhile, silver’s price dropped from $121 per ounce to $108. Additionally, the DXY index, which measures the strength of the US dollar, rebounded from 95.5 to 96.6.
Eric He of LBank said, “Bitcoin has been stuck around the $85,000 level, and you can feel the hesitation in the market.”
He added, “With geopolitical tensions rising, investors are staying cautious, and that’s showing up across assets, not just crypto.”
He concluded, “While stocks and commodities are pushing higher, crypto is clearly in a wait-and-see phase.”
These remarks from Eric He reference Bitcoin’s current price level near $85,000, note investor hesitation, cite rising geopolitical tensions as a factor in cross-asset cautiousness, and state that crypto is taking a wait-and-see posture while stocks and commodities move higher. The remarks were reported in the article.
Bitcoin tumbled below $85,200 amid widespread selloffs in major cryptocurrency exchange stocks, traditional equities and precious metals. These concurrent moves unfolded with elevated market volatility and cross-asset weakness reported earlier in the article, underscoring the interconnected nature of the declines and the simultaneous shifts observed across exchanges, stocks and commodity markets during the same session.
