Bitcoin Gold prices plunged to their lowest levels since mid-December on Thursday, losing nearly $3,000 in a matter of hours, reversing a sharp rally.
After briefly surging above $5,600 an ounce on Thursday (gold had never topped $5,000 on Sunday night), gold prices plunged nearly 10% in a matter of minutes in early U.S. trading, back below $5,200.
Silver’s price action followed a similar trajectory, falling from $121 to $108 per ounce.
Microsoft (MSFT) added insult to injury, with shares plunging more than 11% after the company reported slowing growth in its cloud business, possibly its worst day since March 2020. The tech giant’s losses dragged the Nasdaq down about 1.5%, deepening risk aversion.
The cryptocurrency market is not far behind. Bitcoin was trading above $88,000 earlier in the session, but later fell sharply to $85,200, its lowest level in more than a month. The largest cryptocurrency has fallen 4.5% in the past 24 hours.
Ethereum’s Ethereum Solana , and As altcoins were hit harder in the sell-off, they fell 5%-6% over the same period.
Looking at crypto stocks, Strategy (MSTR), the largest corporate Bitcoin holder, fell 8% in its worst day since December 12, hitting a 52-week low and back to September 2024 levels.
Other companies suffering huge losses include Bullish (BLSH) and Twenty One Capital (XXI). Circle (CRCL) and Coinbase (COIN) — both fell 4%-8%.