Geopolitical risks resonate with tech stock turbulence: Gold drops below $5,000, Bitcoin plunges over 6%

The Nasdaq Composite Index closed down 0.72%, at 23,685.12 points, with technology stocks bearing the brunt. Meanwhile, traditional safe-haven assets also failed to escape unscathed, as spot gold, after reaching a historic high, plummeted rapidly, dropping as much as 10% intraday, from near $5,600 to around $5,000.

Market volatility surged sharply. According to Gate market data, Bitcoin (BTC) intraday decline once exceeded 7%, with the price falling below $82,000.

01 Market Resonance

On January 30, the global financial markets were engulfed by a strong “safe-haven” sentiment. US stocks, precious metals, and even the cryptocurrency markets experienced rare synchronized large swings, driven by a fierce collision of multiple macro and micro factors.

The first layer of market pressure stemmed from geopolitical tensions. The ongoing escalation of relations between the US and Iran raised concerns among investors about energy supply and broader conflicts.

At the same time, macroeconomic policy uncertainty formed a second layer of pressure. The Federal Reserve decided at its latest FOMC meeting to keep the federal funds rate in the range of 3.5% to 3.75%.

Analysts pointed out that speculation about the Fed’s next chair also increased uncertainty.

02 Technology Stocks Lead the Decline

In the US stock market, especially the weakness of tech stocks, was the core trigger and amplifier of this global asset volatility. As the market’s barometer, the “Big Seven” tech giants released their earnings reports in quick succession, with Microsoft (MSFT)’s performance triggering a chain reaction.

Microsoft’s earnings report showed a slowdown in its core cloud business, along with a weak outlook for future operating profit margins. This directly led to a nearly 10% drop in its stock price at close, one of the largest single-day declines recently.

Microsoft’s sharp decline significantly dragged down the Nasdaq Index, which at one point fell more than 2.5% intraday.

Although Meta (META), another tech giant, surged over 10% on strong revenue outlooks, it could not offset the negative sentiment caused by Microsoft.

03 Unusual Gold Fluctuations

Contrary to traditional expectations, during heightened geopolitical risks, gold, as the ultimate safe-haven asset, did not perform as expected, instead experiencing a “rollercoaster” ride.

Following the Fed’s announcement, spot gold prices surged to nearly $5,600 per ounce, approaching a historic high. However, this rally quickly reversed in a short period.

Intense price swings caused market liquidity to fluctuate sharply, increasing trading risks. The Shanghai Gold Exchange and Shanghai Futures Exchange have issued notices to raise margin requirements and price limit ranges for gold, silver, and other precious metal futures contracts to prevent market risks.

Analysts believe this indicates that the recent surge in precious metals may have entered a “dangerous phase,” with rapid price movements reinforcing themselves.

04 Cryptocurrency Under Pressure

Against the backdrop of widespread sell-offs in risk assets globally, the cryptocurrency market also failed to demonstrate independence and faced significant pressure. According to Gate market data, Bitcoin (BTC) once dropped below $82,000 on January 30, with a notable 24-hour decline.

Data shows that over the past 24 hours, the global cryptocurrency market experienced liquidations exceeding $1.7 billion due to forced liquidations of leveraged positions. This accelerated the downward pace and panic sentiment.

In addition to macroeconomic influences, the crypto market also faced pressure from specific events. January 30 was the first monthly options expiration day in 2026, with a large number of Bitcoin and Ethereum options contracts expiring, which often causes additional volatility in the spot market.

05 Investor Perspective

For the broad range of investors on Gate Exchange, understanding the essence of the current complex market environment is crucial. The recent market turbulence was not caused by a single factor but resulted from the combined effects of geopolitical tensions, macroeconomic policy expectations, corporate micro-performance, and the market’s own technical structure.

First, it’s necessary to revisit the logic of “safe-haven assets.” Traditionally, geopolitical risks drive funds into gold, the US dollar, and similar assets.

However, in this event, because the risk source is directly related to US policies, it caused a “frown” effect on the dollar, meaning the dollar’s credibility was questioned and declined, while gold initially surged but then sharply retraced due to profit-taking and liquidity shifts.

Second, attention should be paid to the linkage and divergence among markets. The weakness of tech stocks, by affecting global risk appetite, indirectly impacted the cryptocurrency market.

But amidst the broad decline, different asset classes and different assets within the same class still showed variations. For example, in the crypto market, although mainstream coins like Bitcoin and Ethereum (ETH) declined across the board, some projects like LayerZero rose against the trend.

For traders, in the current high-volatility environment, risk management is more important than ever. This means strictly controlling leverage, setting reasonable stop-loss and take-profit levels, and closely monitoring important announcements from exchanges (such as Gate) regarding adjustments to margin requirements and funding rates.

Investors should focus more on assets with solid fundamentals and some resilience during declines, preparing for the next cycle.

Future Outlook

As of the close on January 30, the Dow Jones Industrial Average dipped slightly by 0.11%, while the S&P 500 declined by 0.13%. Gold, after reaching a historic high, quickly retraced and fell below the $5,000 mark, currently at $4,987. Bitcoin, after intense volatility, hovers around $82,000.

The market is working to digest the impact of Microsoft’s earnings and geopolitical news, while eyes are on the upcoming earnings report from Apple. After a brief divergence in the price trends of gold and Bitcoin, they seem to be seeking a new balance amid ongoing uncertainty.