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Crypto Sells Off as Tariff Shock Sends Capital Racing Into Gold
Plus: 🌍 Macro fears hit crypto as safe haven flows surge.
Juan Aranovich
January 21, 2026
Hi! In today’s edition:
📉 Gold shines while crypto absorbs the macro shock
🎙️ Bits + Bips debates why bitcoin is failing the digital gold test
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Crypto Slides on Tariff Fears as Gold Breaks Above $4,850
Crypto markets continued to slide sharply as investors pulled back from risk following renewed geopolitical tensions and fresh tariff threats from President Donald Trump.
As of 6 a.m. ET, bitcoin was trading at $89,155, down 6% over the past seven days. Ethereum fell to $2,961, down 11%, while solana dropped 12.1% to $127. The move was fast and unforgiving. About $868.06 million in crypto positions were liquidated in the past 24 hours as leveraged traders were forced out.
Moreover, bitcoin spot ETFs saw a total net outflow of $483 million, while ethereum spot ETFs saw a total net outflow of $230 million on Tuesday.
The selling was driven less by crypto-specific news and more by a broader flight to safety. Trump’s comments around tariffs and U.S. control of Greenland rattled global markets, pushing investors out of equities and into traditional safe havens.
Meanwhile, Gold surged to a new all-time high above $4,850 an ounce, underscoring where capital ran when uncertainty spiked.
Bitcoin once again traded like a high-risk asset. When macro stress rises, it is often used as a pressure valve, especially given its 24-hour liquidity.
One notable detail from the liquidation data was where the damage occurred. Hyperliquid saw the largest share, with $247.93 million liquidated, more than Binance or Bybit.
For now, markets are sending a familiar signal. In moments of political and macro shock, gold is treated as protection. Crypto is treated as exposure.
Which leads us to the latest episode of Bits + Bips…
Why Bitcoin Isn’t Acting as Digital Gold & International Stocks Are Winning – Bits + Bips
Is Bitcoin losing its “digital gold” narrative just as geopolitics heat up? The Bits + Bips crew debates what markets still aren’t pricing in.
The group digs into why the latest market structure bill is starting to crack, why investors may be underpricing regulatory clarity, and what it means that bitcoin is failing to behave like digital gold just as global risk rises.
They also explore whether the U.S. and Europe are still true allies, why Wall Street’s move toward 24/7 onchain markets matters more than most realize, and how internet capital markets could reshape who gets access to capital in the next decade.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
🎥 Today on Unchained: Three Livestreams You Don’t Want to Miss
We’re live all afternoon with back-to-back conversations covering AI trading, macro markets, and the deeper currents shaping crypto.
🕐 1:00 pm ET
Alex Svanevik, CEO of Nansen
Nansen has rolled out an AI trading agent designed to handle the full trading lifecycle, from discovery to execution, all in one platform. Svanevik joins us to explain what this means for traders, data-driven investing, and the future of onchain intelligence.
🕑 2:00 pm ET
B+B: The Interview: Steve Sosnick speaks with host Steve Ehrlich about the state of the markets
🕒 Following that: Uneasy Money
With hosts Kain Warwick, Luca Netz, and Taylor Monahan
📍 Tune in live, ask questions, and join the conversation.
🇵🇹🚫 Portugal ordered prediction market Polymarket to shut down within 48 hours after more than €103 million in election bets poured in, enforcing national laws that ban wagering on political events and adding the country to a growing list blocking the platform.
⚠️ A senior White House crypto advisor warned that rejecting imperfect market-structure laws now is unrealistic and risks harsher future crackdowns, escalating tensions within the industry after Coinbase pulled support for a bill over concerns about stablecoin rewards and regulatory reach.
🏛️🔧 The new head of the U.S. commodities regulator launched a “Future Proof” initiative to modernize outdated rules for crypto markets, arguing that flexible, minimal regulation is needed now to avoid stifling innovation as Congress debates expanding the agency’s authority.
📱🪂 Solana Mobile launched an airdrop of its new SKR token for Seeker phone users and app developers, positioning the token as the backbone of ownership and incentives in its mobile ecosystem while rewarding early participation through staking and inflation-based rewards.
📊 Crypto payment cards reached a tipping point as daily transactions jumped 22 times since late 2024 to nearly 60,000 per day, driven by users spending crypto seamlessly through Visa and Mastercard networks instead of cashing out via exchanges.
💳 Mastercard is considering a strategic investment in Zerohash after abandoning talks to buy the crypto infrastructure firm outright, following Zerohash’s decision to stay independent despite prior acquisition discussions reportedly valued near $2 billion.
💼 Solayer unveiled a $35 million fund to back real-time blockchain applications built on its infiniSVM network, targeting revenue-generating projects like payments, DeFi, AI tools, and tokenized assets that require extremely fast transaction speeds.
