The gold and silver bubbles may have popped; what it means for bitcoin (BTC)
Precious metals crashed significantly, with silver down 35% and gold 12%, while Bitcoin held near $83,000.Summary
The article reports a major crash in precious metals markets, suggesting that bubbles in gold and silver may have burst. Silver plunged 35% from a high of $120 to $75 per ounce, and gold retreated 12% from a high of $5,600 to $4,718 per ounce. Platinum and palladium also saw significant declines. In contrast, cryptocurrencies, including Bitcoin, showed relative stability, trading around $83,000 after earlier dips. This market volatility was reportedly triggered by President Trump's selection of Kevin Warsh to replace Jerome Powell as Federal Reserve chair, a move perceived as hawkish. Crypto bulls, like Paul Howard of Wincent, suggest that the recent commodity rally had been siphoning risk capital away from crypto, and this shift could now clear the way for Bitcoin to rally as markets recalibrate.
(Source：CoinDesk)