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Bitcoin's early gains fade fast as prices fall back below $91,000
Risk sentiment deteriorates as safe havens outperform and equities weaken.
Updated Jan 12, 2026, 9:29 a.m. Published Jan 12, 2026, 9:17 a.m.
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What to know:
- Asian session gains for bitcoin above $92,000 have been fully erased.
- The pullback is consistent with the risk-off tone in the tech stocks.
As bitcoin moved into European trading hours, it quickly retreated toward $90,000, erasing gains made during the Asian session where it traded above $92,000.
Bitcoin has now turned negative on the day as tensions between Federal Reserve Chairman Jerome Powell and President Donald Trump continue to weigh on markets.
STORY CONTINUES BELOW
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Traditional safe haven assets continue to outperform, with both gold and silver printing new all time highs. Gold is trading near $4,600 per ounce, while silver is up more than 5% at over $84 per ounce.
Gold and silver now rank as the first and second largest assets globally by market capitalization, at approximately $32 trillion and $4.7 trillion respectively.
Bitcoin appears caught between competing narratives. While often framed as a neutral reserve hard asset, price action suggests it is trading more like a levered technology stock.
The reversal of early gains comes as the Invesco QQQ, an ETF tied to the performance of Wall Street' tech-heavy index Nasdaq 100, is down 1% in pre market trading on Monday.
However, Strategy (MSTR) is up slightly, with markets awaiting confirmation of another bitcoin purchase after executive chairman Michael Saylor referenced "Big Orange."
This likely means the company is tapping its "at-the-market" share sales program, linked to its perpetual preferred equity called Stretch (STRC). In addition, STRC continues to trade at par, around $100, in pre market trading.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Here's what Fed's highly anticipated rate decision this week means for bitcoin and the dollar
Powell could signal a "dovish pause," but his comments on other issues may temper the bullish reaction in BTC and other risk assets.
What to know:
- The Fed is expected to keep rates unchanged this Wednesday.
- Powell could signal a "dovish pause," powering risk assets, including bitcoin, higher.
- His explanation of the status quo decision might put a floor under the dollar.
- Powell may get questions on the impact of Trump's housing affordability measures, perceived threat to Fed's independence and tariffs.
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