#CryptoMarketPullback Why Did Bitcoin, Gold, and Silver Drop? Here's What Happened Behind the Scenes

Why did the prices of Bitcoin, gold, and silver experience a significant decline today? What is the main reason for this drop?

The sharp wave in global markets on the night of January 29–30, 2026, turned into a multi-layered “cross-asset” sell-off that cannot be reduced to a single headline.

The sudden reversal of the record rally in precious metals, the sharp pullback observed especially in Microsoft(, a major tech stock, and its reflection in the highly liquidity-sensitive area of crypto created a chain reaction of panic within a short period.

One of the main triggers for the sell-off on the stock side was the pricing after Microsoft's earnings report. Although the company's results exceeded expectations in some items, the market focus was on the slowdown in Azure growth and the high spending on AI infrastructure, which affected the return profile. This concern led to a sharp decline of about 10% in the stock during the day, putting pressure on technology stocks.

At the same time, an unusually sharp correction was seen in gold and silver. Reuters reported that following Trump’s announcement of Kevin Warsh as a Fed chair candidate, the dollar strengthened, causing gold to drop by approximately 8% during the day; silver and other metals also retreated more sharply. The Financial Times also noted that after the Warsh news, there were sharp losses in gold, silver, and platinum, and that this was like a “reversal” of the overheated movement that reached record levels during the week.

The flight to safety from stocks and the sharp correction in precious metals accelerated the unwinding of leveraged positions in cryptocurrencies. This scenario reinforced the view that crypto is one of the fastest assets to respond to “liquidity shocks.”

On social media and some market accounts, there were reports of trillions of dollars in market value lost within about an hour across gold–silver–US indices–crypto. These figures lack a standard official statistical set; however, the news flow from Reuters and FT confirms that the sharp pullback in precious metals and the concentrated sell-off in tech stocks occurred “simultaneously.”

Although some buying reactions are seen in parts of the market today, the news flow indicates that risk perception has not fully normalized. Reuters mentioned that gold is still heading toward a strong performance on a monthly basis; however, intraday volatility and profit-taking are very intense. This suggests that, even if it is a “partial rebound,” the risk premium can remain high in this regime.

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