Bitcoin Steady Amid Historic Selloff of Gold and Silver
By John Nada·Jan 30, 2026·2 min read
Bitcoin held steady as gold and silver saw historic selloffs. The market reacts to Trump’s Fed chair nomination, reflecting broader economic fears.
Gold plunged 9% and silver crashed 28% on Friday, marking a historic selloff as Bitcoin held steady despite extreme fear in the market. According to Decrypt, Bitcoin edged up 0.2% to $83,873 after a sharp drop from $88,000 to nearly $81,000 just a day prior. The selloff in precious metals followed President Trump’s nomination of Kevin Warsh for Fed chair, which triggered a dollar rally and pressured non-yielding assets like gold and silver.
Gold's price fell to $4,877 per ounce while silver dropped to $82 per ounce during New York trading. The CBOE Gold ETF Volatility Index surged to 46.02, the highest since the COVID-19 pandemic was declared, while the Cboe Silver ETF Volatility Index peaked at 123.03, its highest ever since launch in 2011. Traders are clearly adjusting their expectations around interest rates and liquidity, a move that tends to hit precious metals hard.
Despite the chaos, Bitcoin's relative stability suggests a potential divergence from traditional assets. Traders on Myriad show a split sentiment about Bitcoin’s future, with 57.5% believing it could rise to $100,000 rather than fall to $69,000. However, the Crypto Fear & Greed Index reflects lingering skepticism, dropping to 16, its lowest since the start of the year.
This situation underscores the volatility in the crypto market amid external economic pressures. Bitcoin's resilience against a backdrop of collapsing precious metals indicates that some investors may still see it as a viable alternative amidst fear and uncertainty in traditional markets.