- Bitcoin trades near $88,000, well below its $126,000 October peak, as market sentiment falls into “extreme fear.”
- Gold has topped $5,000 per ounce and silver has broken $100, driving demand for precious metals.
- The U.S. dollar has weakened, with the Bloomberg Dollar Spot Index near lows not seen since 2022.
- The Federal Reserve and global officials have signaled intervention risks as currency moves amplify market stress.
- Concerns over a possible U.S. government shutdown and a Fed rate-cut pause are limiting near-term catalysts for Bitcoin, according to analysts.
Who and what: The Bitcoin Price is trading near $88,000, down from a roughly $126,000 peak in October, while gold has risen above $5,000 per ounce and silver has passed $100, driving questions about why Bitcoin has not rallied in step.
Figures and developments: Market sentiment has plunged into “extreme fear” on the fear-and-greed index. The Bloomberg Dollar Spot Index shows the U.S. dollar has fallen toward levels last seen in 2022.
Quotes and reactions: Balaji Srinivasan posted on X that “The dollar era is ending” and later wrote “The first step is to accept that the apocalypse is now.” Traders also noted a broad “sell America” move in bonds, a theme highlighted in an Evercore ISI note that was seen by CNBC.
Officials and market moves: The Federal Reserve Bank of New York contacted traders about the yen, and a Bloomberg report said the yen strengthened more than 1% after those checks. Japan‘s prime minister warned of measures to counter “speculative and highly abnormal movements.”
Expert comments: Kurt Hemecker, chief executive of Gold Token S.A., part of precious-metal firm MKS PAMP, said in emailed remarks that “Talk of a sudden dollar collapse … is overstated, but it reflects a real loss of confidence.” He added that “rising debt, fiscal strain, and policy uncertainty are pushing investors to look beyond fiat for long-term stability.”
Market context and outlook: Analysts noted that past large U.S. dollar sell-offs helped trigger crypto rallies, such as in 2017. Nic Puckrin commented, “In the past, prominent greenback sell-offs have acted as a catalyst for crypto price breakouts, with a similar fall in 2017 kicking off a historic bull market.” The Kobeissi Letter posted on X asking, “Where is bitcoin.”
Other factors: Lawmakers face a funding deadline with a high reported chance of another U.S. government shutdown, and investor focus on a possible Fed pause in rate cuts is keeping external catalysts for Bitcoin limited.
(Note: A “sell-off” means many investors are selling assets quickly; a “bull market” means extended rising prices.)
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