Bitcoin, the leading cryptocurrency, fell sharply as geopolitical tensions and tariff disputes weighed on risk assets, briefly trading near $62,994. Ethereum, the other major crypto, fell about 7.6% to around $1,824, underscoring broad weakness in the sector. The direct catalyst was a U.S. Supreme Court ruling nullifying mutual tariffs, renewing concerns about tariff policy and sparking risk-off sentiment. Meanwhile, gold advanced as investors sought safety, rising above $5,000 per ounce to around $5,500 before easing to roughly $5,200.
Crypto and gold appear to decouple as Bitcoin retreats while gold climbs; Bitcoin has tumbled from its October peak near $126,000, while gold has risen as much as 55% in the same period. Bloomberg data over the past three months show inflows of more than $16 billion into gold ETFs, versus about $3.3 billion outflows from Bitcoin futures ETFs, contributing to a roughly $1 trillion decline in Bitcoin’s market capitalization. Deutsche Bank macro strategist Marion Laboure warned that Bitcoin is no longer digital gold, saying persistent selling signals reflect deteriorating market sentiment.
Orbit Markets co-founder Caroline Morone said the $60,000 level could be tested next. ETF approvals and the Genius Act have reduced regulatory uncertainty, but they have also cooled speculative premiums that once supported price gains.
The rise of dollar-linked stablecoins adds to concerns that Bitcoin’s use as a payments method could erode. Analysts note that while Bitcoin remains a macro asset, it must compete with a broader set of assets. On the bullish side, Strategy founder Michael Saylor disclosed a fresh purchase of 592 BTC, boosting his firm’s holding to 717,722 BTC. Eric Trump, a crypto entrepreneur and son of the former president, expressed optimism that Bitcoin could reach $1 million.
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