Precious metals crash, with silver plunging 35%, gold 12%; bitcoin holds at $83,000

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Precious metals crash, with silver plunging 35%, gold 12%; bitcoin holds at $83,000 Crypto bulls who have theorized that bitcoin can't begin rising until money flows out of red-hot precious metals are about to find out if they were correct. By Krisztian Sandor | Edited by Stephen Alpher Updated Jan 30, 2026, 6:51 p.m. Published Jan 30, 2026, 6:50 p.m. Make us preferred on Google The gold and silver bubbles may have popped (Unsplash/Braedon McLeod/Modified by CoinDesk) What to know : Gold and silver plunged sharply from record highs on Friday, with silver down more than 30% and gold down more than 10%. Bitcoin was making an attempt at holding steady, but remained not too far off of the week's low at $82,200. The metals rally siphoned capital out of crypto, but the dynamic is changing, Wincent director Paul Howard said. The bubble in precious metals might have popped this week, with silver's violent decline on Friday leading the group lower. Having touched a new record of $120 per ounce earlier in the session, silver has pulled back to $75 in U.S. afternoon hours, now lower by 35% for the day. Gold — which as recently as Sunday had never seen $5,000 per ounce — climbed to $5,600 at one point Thursday, but has now retreated to $4,718, down 12% for the day. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . Platinum is now lower by 24% and palladium by 20%. U.S. stocks are selling off as well, the Nasdaq down 1.25% and S&P 500 0.9%. Having plunged earlier in the week, cryptocurrencies, by comparison, are moving somewhat sideways on Friday, holding above Thursday evening's panicky lows. Bitcoin was trading around $82,200 recently versus its overnight bottom of $81,000. The action in markets has been volatile all week, but this latest bout appears to have been set off by President Trump's picking Kevin Warsh to replace Jerome Powell as Federal Reserve chair. Conventional thinking at the moment says Warsh was a somewhat hawkish pick, thus perhaps setting off the selling in risk assets. Road cleared for bitcoin? Paul Howard, director at trading firm Wincent, spoke for many crypto bulls, saying the parabolic move in commodities in recent months had siphoned risk capital from crypto markets. That dynamic may now be shifting. "Cryptocurrency markets have been the victim of risk capital flowing into the still popular commodities trade," he said. He noted growing interest in options markets for upside exposure in February, with the 105,000 BTC calls among the most actively traded contracts. "The outlook indicates what a lot of crypto traders are feeling right now — that their market is long overdue a commodity-style catch-up," Howard added. “What was meant to be a bullish move for the markets appears to have coincided with a broad risk sell-off,” Howard said of the nomination of Kevin Warsh. “The reaction may be more of a knee-jerk as markets recalibrate.” Market Wrap Bitcoin News top news Breaking News