Gold, silver and bitcoin tumble as debasement trade unwinds

Markets Gold, silver and bitcoin tumble as debasement trade unwinds Precious metals have fallen sharply from their 2025 highs as markets price in Fed rate hikes. By James Van Straten | Edited by Cheyenne Ligon Jun 24, 2026, 1:48 p.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Silver (TradingView) Summary Show Gold has dropped 28% from its January 2025 peak of $5,600 per ounce, while silver has fallen more than 50% from its record high near $120. Bitcoin has gained roughly 30% against gold and 55% against silver since February, though all three assets continue to lag U.S. equities Markets are pricing in two 25 basis point rate hikes by March 2027. Gold and silver have both retreated sharply from their January 2025 highs, falling below key psychological milestones. Gold is down roughly 28% from its January peak of $5,600 and now trading below $4,000 per ounce, while silver has fallen more than 50%, slipping beneath $59 per ounce on Wednesday. The sell-off has been driven largely by growing fears of tighter monetary policy under new Federal Reserve Chair Kevin Warsh. Markets are currently pricing in two 25 basis point rate hikes by March 2027, which would lift the federal funds rate to 4.00%-4.25% due to renewed inflation fears. The reversal marks a dramatic shift from the dominant macro narrative of 2025, the " debasement trade ", the belief that persistent fiscal deficits and rising government debt would continue to erode the purchasing power of fiat currencies. Bitcoin, however, largely stagnated throughout much of 2025, trading around the $100,000 level while gold and silver rallied aggressively. The divergence led many investors to question whether bitcoin still belonged in the debasement trade and whether its role as a hedge against fiat currency dilution had weakened. Bitcoin has continued to fall during the broader correction. The cryptocurrency now sits below $62,000, a 50% correction from its October all-time high and is trading below its long term 200 week moving average of approximately $62,800. Bitcoin leads metals, lags equities One silver lining for bitcoin bulls is that the cryptocurrency has outperformed both precious metals since the ratios bottomed in February, gaining roughly 30% against gold and more than 55% against silver. However, all three assets have lagged U.S. equities in 2026, where momentum remains concentrated in semiconductor and memory-related stocks. BTC/Gold (TradingView) Bitcoin News Latest Crypto News 1 Bitcoin could fall to $55,000 before finding a bottom, 10x Research says 6 minutes ago 2 CoinDesk 20 performance update: Aave (AAVE) gains 5.9% as index moves higher 29 minutes ago 3 CZ, Binance founder, wants to clear up 'misunderstandings' about who he is 49 minutes ago 4 Aave could soar to $3,500 by 2030 on DeFi revival, says StanChart 1 hour ago 5 This forgotten coin could surprise everyone before its next halving 2 hours ago 6 Bitcoin clings to $62,500 as bears tighten grip on crypto market 2 hours ago 7 YZi Labs ends proxy war with BNB treasury company CEA Industries 3 hours ago 8 Cboe revives S&P 500 binary options, chasing a market popularized by Polymarket, Kalshi 3 hours ago 9 The Runes revival: Bitcoin traffic hits a two-year high as transactions blast past 820,000 4 hours ago 10 Michael Saylor should halt Strategy's bitcoin buys, says CryptoQuant 5 hours ago Latest Research CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. By CoinDesk Research Jun 15, 2026 In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. Why it matters : In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. View Full Report More From Markets Bitcoin could fall to $55,000 before finding a bottom, 10x Research says Aave could soar to $3,500 by 2030 on DeFi revival, says StanChart Bitcoin clings to $62,500 as bears tighten grip on crypto market