Metals are hot, and Bitcoin’s not, much to the chagrin of the crypto sector. Silver peaked above a record-high $120 per ounce in the early hours of trading on Thursday, and gold also rose to a record price of about $5,600. Meanwhile, Bitcoin is down below $85,000, plummeting about 33% since its all-time high in October, according to Binance.
This trend comes as investors are hedging against a weakening dollar and pivoting away from traditional assets. This is supposed to benefit Bitcoin, but metals have been pocketing the gains. Several macroeconomic factors have led to risk-off purchases, including rates staying steady in the U.S. on Wednesday, and President Trump pressuring Iran this week to negotiate its nuclear deal, threatening another strike on the country.
