bitcoin Gold fell on Thursday to its weakest level since mid-December, losing nearly $3,000 in a matter of hours as gold’s huge rally abruptly reversed.
Rising above $5,600 per ounce at one point on Thursday (gold before Sunday night had never been above $5,000), in the space of a few minutes in US morning trading it plunged almost 10% to retreat below $5,200.
The evolution of the price of silver followed a similar path: that metal fell from $121 per ounce to $108.
Adding fuel to the selloff was Microsoft (MSFT), whose shares collapsed more than 11%, potentially its worst day since March 2020, after the company reported slowing growth in its cloud business. The tech giant’s stumble dragged the Nasdaq down around 1.5%, deepening the tone of risk aversion.
Crypto markets did the same. Trading above $88,000 early in the session, bitcoin fell precipitously to $85,200, its lowest level in more than a month. The largest cryptocurrency is down 4.5% in the last 24 hours.
Ethereum ether solarium , and lost 5% to 6% during the same period that altcoins were hit hardest by the sell-off.
As for cryptocurrency stocks, the Largest Bitcoin Holder Corporate Strategy (MSTR) is down 8%, its worst day since December 12, hitting 52-week lows and trading back to September 2024 levels.
Other names posting big losses include Bullish (BLSH), Twenty One Capital (XXI). Circle (CRCL) and Coinbase (COIN) – all down between 4% and 8%.
