Bitcoin drops as markets go risk-off 📉

The crypto market plunged alongside equities and precious metals, putting an end to days of stagnation for Bitcoin's price.

Author

Stephen Graves
January 29, 2026

đź“ť What you need to know

Bitcoin dropped to a two-month low Thursday, dipping below $85,000 as the crypto market saw more than $800 million in leveraged positions liquidated.

The crypto market slump reflected a pullback in the wider market, with equities and even precious metals retracing. Gold pulled back from recent all-time highs, while Microsoft shares dropped by double digits, with investors eyeballing a slowdown in cloud sales growth and CapEx spending following its Q2 earnings call.

Bitcoin’s downward move marked an end to days of stagnation for the cryptocurrency, which had seen it behave more like a “high-beta risk asset,” in concert with speculative stocks, than a hedge against dollar weakness, analysts told Decrypt.

Bitcoin Hits 2-Month Low as Gold and Stocks Give Up Gains, Crypto Liquidations Top $800M - Decrypt

Bitcoin plunged to a two-month low Thursday as risk-on assets broadly fell—and even gold and silver gave up earlier gains.

đź“° In the News

Senate Democrats Say They Want a Crypto Bill—But Republicans Tanked Negotiations

Zero Senate Agriculture Democrats voted for a crypto market structure bill Thursday, which squeaked by a markup on party lines.

World Liberty Financial’s USD1 Tops $5B Market Cap as TRUMP Meme Coin Stumbles

Trump-linked stablecoin USD1 is surging on institutional adoption, while the U.S. President’s official meme coin reels from waning hype.

DePIN Data Layer AIOZ Pin Pushes to Keep Web3 Files Permanently Online

AIOZ Pin replicates data into multiple, independent copies that are tamper-proof—meaning it will stay accessible for years to come.

Sponsored post by AIOZ Network

đź“Š Myriad Market of the Day

Will there be a $2B crypto liquidation day by end of January?

Trade "Will there be a $2B crypto liquidation day by end of January?" on Myriad

 đź¤ˇ Meme of the Day

🥇 Be First to Market With Myriad

Join the Myriad Markets Telegram to see the latest prediction markets the second they drop!

With Myriad, the on-chain prediction market launched by Decrypt’s parent company DASTAN, you can break the news and stake the news, using USDC and points.

🕵🏻‍♀️ Editor’s Picks

Bybit to Launch 'My Bank' Feature for IBAN Fiat-Crypto Transfers in February

The “retail banking product” aims to eliminate the friction that consumers experience when trying to send funds to crypto exchanges.

OpenAI Rolls Out Free Science Platform Prism as Experts Warn of Privacy Concerns

Prism aims to move ChatGPT into scientific writing as OpenAI signals plans to share in future profits. Some are warning against its pitfalls.

Bitcoin Backers, Cypherpunks Sour on Trump Following Fatal Minneapolis Shooting

Some members of the crypto industry are publicly distancing themselves from President Trump after the killing of Alex Pretti—and the White House's comments around it.

đź“š Watch and Learn

📹️ WATCH: How Tom Lee is Preparing For Ethereum’s Future

Fundstrat Global Advisors’ Head of Research Tom Lee, who is chairman of BitMine Immersion Technologies, shares his perspective on Ethereum, and how the asset is being leveraged by crypto treasury firms.

🎓️ LEARN: What is Ethereum (ETH)? A Beginner's Guide to the Smart Contract Blockchain

Created by Vitalik Buterin, Ethereum is a blockchain that enables smart contracts and dapps to operate on its network.

Interested in partnering with Decrypt? Find out more here.