- Gold surged about 4.3% in a single session, marking its biggest daily percentage gain since March 2020.
- Bitcoin faced renewed pressure as the network hash rate dropped nearly 40%, signaling miner capitulation.
- The Federal Reserve’s decision to pause rate cuts at 3.5%–3.75% dampened liquidity expectations.
Gold experienced one of its largest daily percentage gains in recent years on January 28, 2026, rising approximately 4.3% to 4.64%. This move pushed prices from around $5,301 to $5,317 per ounce on Comex futures.
While impressive, it falls short of historical records but marks the biggest single-day percentage jump since March 2020.
For perspective, the record daily gain remains September 17, 2008, when gold surged 11.58% to 11.6% amid the global credit crisis, jumping from $90 to $870 an ounce as investors fled to safe havens.
Other notable days include March 24, 2020, with a 3-4% range during COVID volatility, and various peaks in the late 1970s and early 1980s inflationary periods, often in the 3-5% range on volatile days.
The recent surge places late January 2026 as the second-largest percentage gain in recent history, highlighting renewed safe-haven demand.
Bitcoin Price Faces Sharp Miner Pullback
In contrast, Bitcoin is showing signs of strain. The network’s hash rate has dropped nearly 40% from its peak, the steepest miner shutdown since 2021.
This indicates that mining has become unprofitable for many operators, likely due to lower Bitcoin prices and high energy costs.
The decline suggests weakening energy support behind the network in the short term. Reports point to major miners quietly stepping away, reducing overall security and decentralization temporarily.
Fed Pauses Rate Cuts, Adding Pressure
Contributing to market jitters, the Federal Reserve held interest rates steady at 3.5%-3.75%—the first pause in cuts since July 2025. With a 10-2 vote, officials cited split views on slowing job growth versus persistent inflation.
No clear timeline for resuming cuts was given, signaling rates may remain elevated longer unless the economy weakens significantly. This hawkish hold reduces liquidity expectations, hurting risk assets like Bitcoin while boosting gold as a non-yielding safe haven.
Bitcoin Price Action Signals Growing Bearish Momentum
The attached TradingView chart of Bitcoin/USD on Coinbase provides visual context. Bitcoin fell sharply on January 29, 2026, trading as low as $88,085 before a modest recovery to around $89,885, down roughly 1.2% on the day.
The daily chart on TradingView shows a clear breakdown from recent highs above $104,000, marking a steep correction that has erased gains from late 2025.
The decline accelerated after Bitcoin failed to hold support near the green moving average, likely a longer-term trend line, such as the 200-day, now sloping downward. Price has sliced through this level, confirming a shift to bearish control.
A secondary blue moving average, possibly a shorter-term line, provided brief support earlier but is also turning lower.
The sell-off aligns with recent pressures on Bitcoin: a near-40% drop in network hash rate—the sharpest miner capitulation since 2021—signaling reduced mining profitability and weaker network security. Combined with the Federal Reserve’s decision to pause rate cuts and hold rates at 3.5%-3.75%, liquidity expectations have dimmed, hurting risk assets.
While gold has benefited as a safe haven with its strongest daily gain in years, Bitcoin continues to trade like a high-beta asset sensitive to macro shifts. Traders now watch whether $88,000 holds as support or if the correction extends toward prior range lows.
Final Thoughts
Gold’s strong gain reflects flight to safety, while Bitcoin grapples with internal weaknesses and a less accommodative Fed. Markets remain volatile as investors weigh these cross-currents.
