One hawkish Fed, and all hard assets collapse—BTC's safe-haven properties don't seem to be recognized by the market.

CoinWorld reports that the sell-off in gold and silver is dragging down Bitcoin, with gold prices falling below $4,000 for the first time and silver prices dropping more than half from their highs; Bitcoin is around $58,000. The three were previously driven by the same "devaluation trade," where government spending and debt expansion erode the value of fiat currency, prompting funds to flow into scarce assets. Hawkish remarks from the Federal Reserve have led market expectations for two more interest rate hikes by 2027, putting pressure on hard assets; Bitcoin's position in this basket is once again questioned, making it difficult to serve as a hedge against currency devaluation.