Bitcoin, unusually, outperforms gold as hawkish Fed, oil price fuel risk-off sentiment

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin, unusually, outperforms gold as hawkish Fed, oil price fuel risk-off sentiment Bitcoin fell 2% while gold and silver saw sharper declines as oil prices surged and the Fed flashed hawkish signals. By James Van Straten | Edited by Sheldon Reback Mar 19, 2026, 10:28 a.m. Make us preferred on Google Bitcoin-gold ratio (TradingView) What to know : Bitcoin outperformed gold, falling 1% while the precious metal dropped twice as much to approach bear-market territory. Macro pressures are intensifing as a hawkish Federal Reserve and a spike in oil prices weigh on risk assets and inflation expectations. Bitcoin BTC $ 70,452.73 is, unusually, outperforming gold even as rising oil prices and hawkish signals from the U.S. Federal Reserve fuel increased risk aversion in financial markets. Gold, traditionally a store of value and haven investment in times of trouble, has dropped 2% since midnight UTC while the largest cryptocurrency lost only half that amount. The performance has lifted the ratio between the two by 1% in 24 hours, and one bitcoin now buys about 15 ounces of gold. Part of the reason for the unexpected trading pattern stems from gold's surge in February. Before the Middle East conflict started at the end of the month, it had already locked in a 90% gain over the course of a year and was trading at a record high. That left it overbought, making the rally difficult to sustain even as the geopolitical situation worsened. Since the war began, the performance of bitcoin — seen by some supporters as digital gold — and the precious metal has diverged. Bitcoin has been one of the strongest performing assets outside energy after falling 50% since October and leaving it oversold. Gold is now some 17% below its January peak, edging toward bear-market territory. The macroeconomic backdrop is adding to the pressure. The Federal Reserve delivered a more hawkish-than-expected tone in Wednesday's comments, pushing back against market expectations for imminent interest-rate cuts in the world's largest economy. This has weighed on risk assets, with U.S. equities lower in premarket trading and the Invesco QQQ exchange-traded fund, which tracks the Nasdaq 100 index, falling 0.5% on Thursday. Crypto-related equities have also declined, with Strategy (MSTR), Galaxy Digital (GLXY) and Coinbase (COIN) all falling in pre-market trading. At the same time, the war with Iran has pushed Brent crude oil up more than 6% in the past 24 hours to around $117 per barrel. The widening gap between Brent and West Texas Intermediate, now the largest since 2013, signals global supply disruptions and logistical constraints, adding to inflationary pressures and complicating the outlook for central banks. Bitcoin News More For You Bitcoin OGs dump over $100 million in BTC after hawkish Fed dents rate cut hopes By Omkar Godbole 3 hours ago OGs sell as Fed's hawkish stance on rates pressures crypto and other risk assets. What to know : Bitcoin OGs sold over 1,650 BTC worth $117M after a hawkish Fed decision. Fed signaled only one rate cut this year, hurting risk‑asset sentiment. Tighter‑for‑longer outlook pressures crypto and other risk markets. Read full story Latest Crypto News Bitcoin OGs dump over $100 million in BTC after hawkish Fed dents rate cut hopes 3 hours ago Forget market hours: Leading ETP firm just opened 24/7 liquidity for tokenized stocks, gold and money market funds 4 hours ago SEC approves Nasdaq's move to support tokenized securities trading 13 hours ago Fairshake's $10 million Illinois misfire marks first big hitch in crypto political surge 13 hours ago Bitcoin sinks below $71,000, stocks close at session lows, as 2026 Fed rate cut hopes fade further 14 hours ago Polymarket acquires Brahma to scale blockchain trading infrastructure 14 hours ago Top Stories Sam Bankman-Fried's bankrupt exchange FTX set to repay creditors $2.2 billion this month 15 hours ago Kalshi co-founder fights back against Arizona’s ‘overstep’ in what a lawyer calls a federal-state turf war 16 hours ago Federal Reserve holds policy steady as Iran war adds to growth and inflation concerns 16 hours ago Key U.S. senator on crypto market structure bill negotiation: 'We think we've got it' 19 hours ago Trump-linked American Bitcoin's BTC holdings overtake Mike Novogratz’s Galaxy Digital 18 hours ago Former Binance CEO CZ waves off accusations on Iran, terror ties 18 hours ago In this article BTC BTC $ 70,452.73 ◢ 4.72 %