Yesterday, I saw a major sale in the metal markets – copper, gold, and silver all down. Copper dropped nearly 4% from that record high above $14,500 per ton to around $13,000. Gold and silver followed with declines of 4% and nearly 6%. Interestingly, this immediately spilled over into crypto.

On various exchanges, I saw tokenized metal products taking significant hits. In total, about $120 million in liquidations over the past 24 hours – silver contracts led with a $32 million loss. Quite logical: traders are now using crypto markets as quick macro trading channels. 24/7 availability, leverage, no waiting times. When prices fell, it became an emergency exit for risks.

The decline in metals is mostly due to a strengthening dollar. Speculation around the Trump administration and possible Fed decisions are putting pressure on everything priced in dollars – not just copper and gold, but also silver, crude oil, and iron ore. All under pressure.

But strangely enough: metals remain one of the strong themes this year. Copper benefits from demand for electrification, gold attracts investors hedging against uncertainty. XRP is currently at $1.35, down 1.24% in 24 hours, but traders are still closely watching the integration with Rakuten – 44 million potential users is no small number. Crypto markets are increasingly becoming a mirror of global macro movements.