Bitcoin slides to $58,278 and gold to $4,025 an ounce as debasement hedge trade unwinds
On July 2, 2026, bitcoin fell to $58,278—more than 50% below its October 2025 peak—while gold dropped to $4,025 an ounce. Markets repriced rate expectations after new Federal Reserve Chair Kevin Warsh struck a hawkish tone, lifting real yields and weighing on non-yielding assets. U.S. spot bitcoin ETFs posted $4.5 billion of net outflows in June, their worst month since launching in 2024, and bitcoin fell 20.48% for the month. Bitcoin has also broken below a key 200-week moving-average support level.