Cryptocurrency markets weakened at the start of the week after a quiet weekend, as more than $550 million in leveraged long positions were liquidated, pushing bitcoin briefly down to the $86,000 level before the price rebounded. Ether also slid, touching the $2,785 range. In contrast, traditional safe havens continued to attract capital, with gold and silver extending recent rallies.

QCP Capital’s Jan. 26 market update noted that the sell-off was driven by a cluster of macro concerns rather than crypto-specific news. Markets reacted to comments from U.S. President Donald Trump suggesting potential 100% tariffs on Canadian imports, renewed anxiety over a looming partial U.S. government shutdown, and ongoing uncertainty around possible U.S.–Japan coordination to support the yen.

U.S. political risk added further strain. While markets briefly stabilized after Canadian Prime Minister Mark Carney said Ottawa does not plan to pursue a free trade deal with China, fiscal negotiations in Washington remain unresolved. House Republicans have advanced spending bills that include roughly $64.4 billion for border security and the Department of Homeland Security, but Senate Democrats have signaled opposition. With government funding set to expire on January 30, failure to reach a deal could trigger another partial shutdown.

Crypto traders are clearly taking notice. Prediction markets such as Polymarket are assigning roughly an 80% probability to a shutdown by January 31. Derivatives data also point to defensive positioning, with rising implied volatility, increased put skew, and notable roll-down activity in long-dated bitcoin put options.

Read more: Bitcoin Slips Below $88K as Sellers Take the Wheel and Liquidations Stack Up

Looking ahead, volatility is likely to stay elevated. Markets face a busy week that includes major technology earnings and a Federal Reserve policy decision on Wednesday. While rates are expected to remain unchanged, investors will be focused on Chair Jerome Powell’s guidance. Until key macro risks ease, crypto markets may remain choppy and reactive rather than trend-driven.

• Why did crypto markets sell off this week?
  Rising macro risks, including tariff fears and U.S. political uncertainty, triggered a broad risk-off shift.
• How severe were the liquidations?
  Over $550 million in leveraged crypto positions were liquidated as bitcoin dipped near $86,000.
• What assets benefited from the risk-off move?
  Investors rotated into safe havens like gold and silver, which continued to rally.
• What could drive volatility next?
  U.S. shutdown risks, Fed guidance, and major earnings keep crypto markets choppy in the near term.

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