Bitcoin drops below $84,000 as tech-led stock selloff pulls metals off record highs

A sharp, tech-driven selloff rippled across global markets on Thursday, dragging down cryptocurrencies, equities, and precious metals in unison as risk appetite deteriorated into the U.S. afternoon.

Crypto markets moved decisively lower early in the session, with total market capitalization sliding from roughly $3.1 trillion on Wednesday to just over $2.9 trillion, a decline of about 6%.

The move ranks among the largest single-day drops since the Oct. 10 liquidation event brought on by Trump tariff threats, when roughly half a trillion dollars was wiped from the market in just over a day.

Liquidations mounted as prices fell. Data from Coinglass showed more than $1 billion in leveraged crypto positions were wiped out over the past 24 hours, with the bulk of losses coming from long positions.

Bitcoin was trading slightly below $84,000, hovering near levels last seen in April, according to The Block price data.

Meanwhile, ether slipped back under $2,800, while Solana fell to a roughly nine-month low near $115 and XRP drifted toward one-year lows of $1.75.

Market breadth had already been weak even before Thursday’s selloff. Bitwise head of research Ryan Rasmussen noted that only two of the top 20 crypto assets — Hyperliquid’s HYPE and Canton’s CC — were up double digits over the past week, and, aside from Bitfinex’s native LEO exchange token, the only major tokens posting any daily gains at all.

Hyperliquid rose roughly 54% over the period, while Canton gained about 12%, with nearly every other large-cap token in the red.

Tech equities and metals

The weakness in crypto tracked declines in U.S. equities, where technology stocks led losses following earnings-related disappointment.

Microsoft slid more than 12%, marking its worst single-day drop since March 2020 and weighing heavily on the broader software sector.

Precious metals, which had surged to successive record highs in recent weeks, also reversed sharply. Gold fell from around $5,500 to near $5,150 earlier in the session before rebounding to roughly $5,300.

Silver dropped from an all-time high near $121 per troy ounce to about $108 within an hour, before recovering to around $113.

Another government shutdown looms

The selloff also comes as investors brace for political risk in Washington D.C.

Lawmakers failed to advance a procedural vote on a government funding package on Thursday, according to CNBC, raising the possibility of another U.S. government shutdown if legislation is not passed before the weekend.

A similar shutdown in early October lasted 43 days total, bleeding into November, and coincided with a roughly 15% decline in bitcoin prices.

A comparable move from current levels would put bitcoin slightly above $70,000.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.