Bitcoin Slides as Gold and Silver Suffer Sharp Three-Hour Selloff
Bitcoin dropped 2.7% as gold futures fell 2.11% and silver declined 3.59% during the same roughly three-hour stretch.
Bitcoin (BTC) fell 2.7% to an intraday low of $82,780 on Sept. 28 as gold and silver sold off during the same roughly three-hour period, leaving the cryptocurrency moving in the same direction as traditional precious metals.
Gold futures fell 2.11% to $4,197.40 an ounce, while silver declined 3.59% to $62.47. The combined market-value loss for the two metals was estimated at more than $550 billion, including about $470 billion from gold and $101 billion from silver.
Bitcoin later recovered above $83,000, but the synchronized decline challenged the argument that it consistently acts as a digital-gold refuge during traditional-market stress.
The move also reached tokenized gold. PAX Gold, a cryptocurrency backed by physical gold, fell from roughly $4,276 to $4,186 during the session.
