Bitcoin Struggles as Precious Metals Shine in Financial Markets
Bitcoin (BTC) has yet to solidify its narrative as a safe-haven asset. Meanwhile, tokenized versions of gold and silver are making waves in the cryptocurrency market. Currently, precious metals are trading at historic levels, while Bitcoin loses traction and falls below $90,000.
Global Macroeconomic Uncertainty
The correction of the markets, including Bitcoin and other cryptocurrencies, is occurring in a context of heightened global macroeconomic uncertainty. This uncertainty is exacerbated by new geopolitical and trade tensions driven by the tariff escalation promoted by Donald Trump.
The US president announced 10% tariffs on imports from eight European Union (EU) countries starting February 1, with the possibility of increasing to 25% by June. Trump has conditioned the potential suspension of these measures on the signing of an agreement for the “total purchase” of Greenland, a proposal that has added even more noise to the international scene.
The confrontation intensified recently when Trump threatened to impose a 200% tariff on French wine and champagne if President Emmanuel Macron does not join the Peace Board promoted by Washington to intervene in conflicts such as Gaza. The EU has already anticipated possible retaliation, reinforcing fears of a larger scale trade war and keeping markets on the defensive.
Bearish Winds Blow from Japan
In addition to geopolitical noise, markets are also keeping an eye on Japan. The yields on 40-year bonds have exceeded 4%, an unprecedented level. This movement alters the global financial dynamics and can increase pressure on risk assets, such as BTC and cryptocurrencies.
When sovereign bonds offer higher returns, they become more attractive compared to volatile instruments, often causing a rotation of capital from stocks and cryptocurrencies to safer assets. Furthermore, the increase in yields in Japan impacts the carry trade in yen, favoring the return of capital to the country and restricting global liquidity, a historically negative factor for risk markets.
Bitcoin Price Falls
In this context, the price of the digital currency created by Satoshi Nakamoto fell below $90,000. This drop is largely because Bitcoin is not yet perceived by most investors as a safe-haven asset during times of financial stress. Unlike gold or sovereign bonds, BTC is still treated as a risk asset. This explains its sensitivity to changes in liquidity appetite and macroeconomic volatility.
In scenarios of high uncertainty, speculators and funds usually prioritize stability and capital preservation. Therefore, they reduce exposure to volatile instruments and seek shelter in assets with lower perceived risk. As a result, BTC tends to be pressured downwards, even when part of the market continues to defend its “digital gold” narrative.
Gold Shines as Bitcoin Plummets
In these contexts of macroeconomic uncertainty, gold shines. After Trump’s announcements and the performance of Japanese bonds, the precious metal is trading at historic price highs. Currently, it is trading above $4,800.
Not Only Gold Shines in 2026
The other asset at historic levels is silver. At the time of this report’s publication, the second most valuable market asset is trading above $95,000. In general, the scenario remains constructive for silver, even within an adverse macro context.
Conclusion
In conclusion, while Bitcoin struggles to establish itself as a safe-haven asset, precious metals like gold and silver are experiencing a surge in the financial markets. This is largely due to global macroeconomic uncertainty and geopolitical tensions. As investors seek stability and capital preservation, they are turning to assets with lower perceived risk, causing Bitcoin’s price to fall. However, the narrative of Bitcoin as “digital gold” continues to be defended by part of the market.
