Gold and silver make new all-time highs of $4,660 and $94 as Bitcoin crashes by $4,000

Bitcoin stayed under pressure, trading at $92,595 after an early plunge to just below $92,000, marking a 3.6% slide on the day.

That followed nearly $600 million in bullish crypto liquidations over the last 24 hours, with $500 million of that flushed in just one hour.

The selloff wasn’t limited to Bitcoin. Ether dropped 4.9%, now at $3,211, and Solana collapsed 8.6%, currently trading at $133.82.

The rest of the crypto board bled out as XRP lost 5.2%, DOGE sank 7.7%, and Cardano (ADA) gave up 7.9%. Losses were even steeper in smaller caps like Zcash, which fell 8.2%, and DePIN tokens, some of which posted double-digit intraday drops.

Traders say the next key Bitcoin level is $90,000, with some pointing to institutional inflows via US-listed ETFs as a potential support. Bitcoin had touched $98,000 on Jan. 14, fueled by inflows into the new spot ETFs, but momentum stalled after a brutal October selloff capped 2025.

BTC trading volumes surged past $47 billion, and open interest in derivatives jumped over 101%, signaling extreme positioning and volatility. Data from CoinGlass showed sharp spikes in liquidations across ETH, SOL, BNB, and XRP, with all four tokens seeing tens of millions wiped out in long positions.

Markets opened straight into chaos as Bitcoin plunged nearly $4,000 in one hour, triggered by a $500 million liquidation wave that wiped out leveraged long positions.

Bitcoin is now trading at $92,000, down from just above $96K earlier in the session.

At the same time, silver spiked to $94, breaking historic highs, and gold futures hit $4,660 per ounce, setting a new all-time high.

Traders rushed into havens after President Donald Trump confirmed a 10% tariff on eight EU countries, including France, Germany, and the UK, all of whom opposed his plan to acquire Greenland. The first round of tariffs starts February 1, and will rise to 25% in June.

Asia-Pacific equities slid, with Japan’s Nikkei 225 down 1.23% at 53,270.10, leading regional losses. Australia’s S&P/ASX 200 dropped 0.33% to 8,874.30, and South Korea’s Kospi dipped 0.04% to 4,838.63, despite initially bucking the broader downtrend.

China’s key economic data is due soon, including Q4 GDP, retail sales, urban investment, and industrial output for December.

Meanwhile, Hang Seng futures in Hong Kong priced in losses, falling to 26,640, below the index’s last close of 26,844.96.