Bitcoin’s initial surge quickly disappears as its value drops under $91,000 again

Bitcoin Retreats as European Markets Open

As trading began in Europe, bitcoin (BTC) quickly pulled back toward the $90,000 mark, wiping out the earlier gains it had achieved during the Asian session, where prices had climbed above $92,000.

The cryptocurrency has now slipped into negative territory for the day, as ongoing friction between Federal Reserve Chairman Jerome Powell and President Donald Trump continues to unsettle financial markets.

Safe Haven Assets Outperform

Meanwhile, traditional safe havens are surging. Both gold and silver have reached new record highs, with gold trading close to $4,600 per ounce and silver rising over 5% to surpass $84 per ounce.

According to recent data, gold and silver now hold the top two spots among global assets by market value, with gold's market capitalization at roughly $32 trillion and silver's at about $4.7 trillion.

Bitcoin’s Uncertain Role

Bitcoin seems to be navigating conflicting narratives. While it is often described as a neutral, hard reserve asset, its price movements currently resemble those of a highly leveraged technology stock.

Market Movements and Company Updates

The reversal in bitcoin's earlier momentum coincides with a 1% decline in pre-market trading for the Invesco QQQ ETF, which tracks the tech-heavy Nasdaq 100 index.

On the other hand, shares of Strategy (MSTR) have edged higher, as investors anticipate news of another bitcoin acquisition following executive chairman Michael Saylor's mention of "Big Orange."

This development suggests the company may be utilizing its "at-the-market" share issuance program, which is associated with its perpetual preferred equity instrument known as Stretch (STRC). Additionally, STRC continues to trade at its face value of around $100 in pre-market activity.