Precious metals are surging again while Bitcoin struggles to keep momentum. As global uncertainty and geopolitical tensions rise, investors appear to be rotating into traditional safe havens like gold and silver, putting cryptocurrencies on the back foot for now.
Earlier today, Bitcoin attempted to break higher but was rejected near $91,000, even as gold and silver posted fresh record highs. The contrast highlights where capital is flowing during the current risk off environment.
Bitcoin’s gains from early 2026 were wiped out this week following escalating rhetoric between Trump and the European Union, including tariff threats and aggressive language tied to Greenland. The market reaction was swift, with BTC sliding from above $95,000 to a multi week low around $87,200 before rebounding toward $90,000.
After hovering near that level for most of the day, Bitcoin made another push higher but sellers stepped in near $91,200 and stopped the move. The rejection triggered another drop of nearly $2,000. Most altcoins followed the decline, resulting in more than $300 million in liquidations over the past 24 hours, with over half occurring in just the last four hours, according to Coinglass.
Meanwhile, precious metals continue to rally. Gold briefly hit $4,970 earlier in the day, pulled back slightly, then broke higher to a new all time high near $4,980. The metal is now within reach of $5,000 and is up more than 15 percent since the start of the year.
Silver is also extending its strong run. After posting triple digit gains in 2025, it has jumped another 42 percent in just the first few weeks of 2026, recently breaking above $100 for the first time.
Part of the strength in gold and silver is being driven by weakness in the US dollar. According to Bloomberg, the dollar is on track for its worst weekly performance against other currencies and asset classes since June.
