Bitcoin price is falling. Why the ‘digital gold’ is failing to keep up with the precious m
January 23, 2026
Cryptocurrencies have yo-yoed this week but were down again Friday. Initially, the threat of U.S. tariffs on European countries over Greenland triggered a risk-off move in digital assets earlier in the week. But after Trump pulled back from the brink, they rose.
Now they’re falling again. Bitcoin was down 0.4% to $89,471 in early trading Friday. Meanwhile, Ethereum dropped by 2.1% to $2,940.2 and XRP tumbled 2.5% to $1.91.
Elsewhere, gold hit new highs today and is trading a touch below $5,000. The contrast brings into question Bitcoin’s “digital gold” moniker.
Over the past week, amid growing tensions between the Trump administration and NATO, Bitcoin has fallen nearly 10% while gold has rallied by 7%.
Gold also outperformed Bitcoin last year, despite the yellow metal being the supposedly less speculative asset.
Looking ahead, investors seem to be favoring the more traditional safe-haven option and that’s underpinning gold’s near-term appeal over crypto.
Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com
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