On February 5th, gold and silver experienced a sharp vertical ascent. By approximately 7:15 Beijing time, gold had reclaimed the $5,000 per ounce milestone, while silver demonstrated concurrent strength. Spot silver registered a modest increase to $89.08 per ounce, and COMEX silver futures surged by over 4%.
Citing a CCTV news report, the scheduled U.S.-Iran nuclear talks, which were set to resume on the 6th, were saved after several Middle Eastern leaders urgently lobbied the Trump administration that afternoon to abandon its threat to withdraw from negotiations. The talks will now be held in Oman. The United States had previously rejected Iran's proposal to change the venue from Istanbul, Turkey, to Oman.
A sell-off, led by Bitcoin, accelerated, causing major cryptocurrencies to extend their declines. By around 7:10 Beijing time, Bitcoin had fallen nearly 4% to $72,646 per coin, SOL plummeted more than 7%, and ETH and XRP both dropped over 4%. Within the last 24 hours, more than 140,000 traders globally faced liquidations.
According to a report from Cailian Press, Bitcoin has fallen to its lowest level since early November 2024, when U.S. President Donald Trump won the election. Trump's campaign promises to foster development in the digital asset sector had initially spurred a significant rally in cryptocurrency prices.
The sharp decline in Bitcoin has also ignited doubts about its purported status as "digital gold." Some observers suggest the cryptocurrency sector is confronting a "crisis of confidence." Pramol Dhavan, a Managing Director at Pimco, commented that the narrative of Bitcoin as "digital gold" has weakened, and its price slump indicates cryptocurrencies are "not a monetary revolution." Many within the crypto community have already begun to temper their expectations for the market's trajectory in 2026.
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