Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Bitcoin remains subdued as gold races to new
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Bitcoin remains subdued as gold races to new
Bitcoin remains subdued as gold races to new record above $5,400 following Jerome Powell remarks
6 min read
Bitcoin remains subdued as gold races to new record above $5,400 following Jerome Powell remarks
Gold fans rushed in to buy as the Fed chair said he took no macro signal from the raging bull market in precious metals.
By Krisztian Sandor|Edited by Stephen Alpher
Jan 28, 2026, 9:37 p.m.
Make us preferred on Google
Jerome Powell speaking at podium (REUTERS/Elizabeth Frantz/ CC BY 4.0/Modified by CoinDesk)
What to know:
- Gold soared to a new record on Wednesday afternoon, quickening its rise as Fed Chair Jerome Powell spoke at his post-meeting press conference.
- Bitcoin continues to trade in a very tight range around $89,000.
- "Crypto is underperforming some of the very assets it was designed to supplant," said one analyst.
The bull market in gold ratcheted into a higher gear on Wednesday, with the yellow metal soaring 6% to above $5,400 per ounce for the first time.
Silver and platinum posted even larger percentage gains, but gold, with a market capitalization somewhere in the $40 trillion area, was surely the standout asset.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Sign me up
A sizable chunk of gold's gains came following comments from Federal Reserve Chairman Jerome Powell at a press conference following the central bank’s universally expected decision to hold its benchmark fed funds rate range steady at 3.50%.3.75%.
Asked directly about the rapid ascent in gold and silver prices, Powell cautioned against over-interpreting the rally as a macro signal. "Don’t take too much message into [that] macroeconomically," he said, adding that while some may argue the Fed is losing credibility, “it is simply not the case."
"If you look at where inflation expectations are, our credibility is right where it needs to be," Powell said. Gold bulls apparently thought otherwise.
Whither bitcoin?
Bitcoin BTC$89,326.05 bulls, meanwhile, continued to watch from the sidelines as real gold yet again vastly outperformed its digital counterpart. Prices traded in an excruciatingly tight range throughout the day, edging lower following the Fed decision and recently trading at $89,000, flat over the past 24 hours.
Prices across the rest of the major cryptos followed similar action.
U.S. stocks were also little changed on Wednesday as investors awaited earnings from the likes of Microsoft, Meta and Tesla.
Is bitcoin losing its digital gold edge?
Despite the macro tailwinds often touted as benefiting bitcoin as "digital gold" — including a weaker U.S. dollar and rising geopolitical risk — BTC has been struggling recently, while gold is now up more than 90% over the past 12 months.
The contrast casts a shadow over bitcoin’s supposed role as a macro hedge, especially as the assets it was designed to rival are outperforming, James Harris, CEO of yield platform Tesseract Group, argued.
“We’re clearly in a market regime where crypto is underperforming some of the very assets it was designed to supplant," said Harris in a note. "Part of that outperformance is almost certainly a repricing of geopolitical and fiscal risk, but it also reflects gold clawing back some relative market share from bitcoin.”
Market WrapBitcoin NewsGold
More For You
Pudgy Penguins: A New Blueprint for Tokenized Culture
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
View Full Report
More For You
Tesla made no changes to bitcoin holdings in Q4 as it booked $239 million digital asset loss
The company's bitcoin stack remained at 11,509 coins, worth about $1 billion at BTC's current price near $89,000.
What to know:
- Tesla made no changes in its bitcoin holdings during the fourth quarter, continuing to hold 11,509 coins.
- The company recorded a $239 million after-tax mark-to-market loss on its digital assets due to bitcoin's decline from about $114,000 to $88,000 during the year's final three months.
Read full story
Latest Crypto News
Tesla made no changes to bitcoin holdings in Q4 as it booked $239 million digital asset loss
Paxos' gold token rakes in record inflows as crypto investors turn to the yellow metal
White House to meet with crypto, banking executives to discuss market structure bill
Optimism governance approves OP token buyback plan tied to superchain revenue
Crypto's political power supercharged with $193 million in Fairshake, thanks to new cash
Federal Reserve holds policy steady as early rate cut bets vanish and bitcoin stalls
Top Stories
Coinbase rolls out prediction markets to all U.S. customers
Circle shares rise 4% as Polymarket-driven USDC growth prompts analyst upgrade
Robinhood CEO says tokenized stocks could prevent another GameStop freeze
Tether is buying up to $1 billion of gold per month and storing it in a 'James Bond' bunker
Fidelity Investments starts its own stablecoin in a massive bet that future of banking is on blockchain
HYPE token's 50% surge is a story of crypto-traditional market convergence, treasury firm says
Latest Crypto News
Tesla made no changes to bitcoin holdings in Q4 as it booked $239 million digital asset loss
Paxos' gold token rakes in record inflows as crypto investors turn to the yellow metal
White House to meet with crypto, banking executives to discuss market structure bill
Optimism governance approves OP token buyback plan tied to superchain revenue
Crypto's political power supercharged with $193 million in Fairshake, thanks to new cash
Federal Reserve holds policy steady as early rate cut bets vanish and bitcoin stalls
Top Stories
Coinbase rolls out prediction markets to all U.S. customers
Circle shares rise 4% as Polymarket-driven USDC growth prompts analyst upgrade
Robinhood CEO says tokenized stocks could prevent another GameStop freeze
Tether is buying up to $1 billion of gold per month and storing it in a 'James Bond' bunker
Fidelity Investments starts its own stablecoin in a massive bet that future of banking is on blockchain
HYPE token's 50% surge is a story of crypto-traditional market convergence, treasury firm says
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
Galaxy Digital’s 2025 Loss: SOL Bear Market
The post Galaxy Digital’s 2025 Loss: SOL Bear Market appeared on BitcoinEthereumNews.com. Galaxy Digital, a digital assets and artificial intelligence infrastructure
Share
BitcoinEthereumNews2026/02/04 09:49
Why This New Trending Meme Coin Is Being Dubbed The New PEPE After Record Presale
The post Why This New Trending Meme Coin Is Being Dubbed The New PEPE After Record Presale appeared on BitcoinEthereumNews.com. Crypto News 17 September 2025 | 20:13 The meme coin market is heating up once again as traders look for the next breakout token. While Shiba Inu (SHIB) continues to build its ecosystem and PEPE holds onto its viral roots, a new contender, Layer Brett (LBRETT), is gaining attention after raising more than $3.7 million in its presale. With a live staking system, fast-growing community, and real tech backing, some analysts are already calling it “the next PEPE.” Here’s the latest on the Shiba Inu price forecast, what’s going on with PEPE, and why Layer Brett is drawing in new investors fast. Shiba Inu price forecast: Ecosystem builds, but retail looks elsewhere Shiba Inu (SHIB) continues to develop its broader ecosystem with Shibarium, the project’s Layer 2 network built to improve speed and lower gas fees. While the community remains strong, the price hasn’t followed suit lately. SHIB is currently trading around $0.00001298, and while that’s a decent jump from its earlier lows, it still falls short of triggering any major excitement across the market. The project includes additional tokens like BONE and LEASH, and also has ongoing initiatives in DeFi and NFTs. However, even with all this development, many investors feel the hype that once surrounded SHIB has shifted elsewhere, particularly toward newer, more dynamic meme coins offering better entry points and incentives. PEPE: Can it rebound or is the momentum gone? PEPE saw a parabolic rise during the last meme coin surge, catching fire on social media and delivering massive short-term gains for early adopters. However, like most meme tokens driven largely by hype, it has since cooled off. PEPE is currently trading around $0.00001076, down significantly from its peak. While the token still enjoys a loyal community, analysts believe its best days may be behind it unless…
Share
BitcoinEthereumNews2025/09/18 02:50
HKMA Launches Fintech Blueprint with AI, DLT, Quantum and Cybersecurity Focus
The Hong Kong Monetary Authority (HKMA) published a Fintech Promotion Blueprint to support responsible innovation and fintech development in the banking sector.
Share
Fintechnews2026/02/04 10:20