Bitcoin Hits 2026 Low as Gold Reverses Gains and Nasdaq Dips
By John Nada·Jan 29, 2026·2 min read
Bitcoin tumbles to a 2026 low of $85,200 amid a broader risk asset sell-off. Gold also reverses gains as Microsoft’s decline drags Nasdaq lower.
Bitcoin has plunged to a 2026 low of $85,200, marking its weakest level since mid-December, according to CoinDesk. The cryptocurrency shed nearly $3,000 within hours, reflecting a broader sell-off in risk assets. Earlier on Thursday, it traded above $88,000 before the sharp decline.
Gold's performance mirrored this volatility. After soaring above $5,600 per ounce, it retreated to below $5,200 in U.S. morning trade, a significant drop of nearly 10% in just minutes. Silver also followed suit, dropping from $121 per ounce to $108. The market's unease was further exacerbated by a substantial decline in Microsoft shares, which fell over 11% after revealing slowing growth in its cloud business, dragging the Nasdaq down by around 1.5%.
The crypto market felt the impact, with Ethereum, Solana, and other altcoins losing 5%-6% during the same period. Strategy (MSTR), the largest corporate bitcoin holder, experienced its worst day since December 12, down 8% and hitting 52-week lows. Other crypto stocks like Bullish (BLSH) and Coinbase (COIN) also faced notable losses.
The heightened volatility is reflected in the S&P 500 Volatility Index, which jumped more than 16%. Meanwhile, the DXY index rebounded to 96.6, increasing pressure on risk assets.
In a separate context, gold's recent surge has drawn attention, with sentiment gauges indicating extreme bullishness, contrasting with the prevailing fear in crypto markets. Investors appear to favor physical gold and silver over digital tokens, indicating a shift in the store of value narrative.
Bitcoin’s current trajectory highlights its risk asset status, struggling to attract safe-haven investors amid gold's rising appeal. With market conditions fluctuating, it's essential for crypto traders to remain cautious. The ongoing volatility underscores the challenges digital assets face in maintaining value during turbulent market conditions.