I am currently observing how the metal market is taking a significant hit – copper dropped nearly 4%, gold and silver fell by 4% to 5.9%. Interestingly, this has not only affected the traditional commodity markets but also crypto trading platforms. The tokenized metal products on various crypto trading platforms recorded approximately $120 million in liquidations over the past 24 hours. Silver-related contracts were hit particularly hard, with losses of $32 million.

This actually shows quite well how much crypto trading platforms are now being used as an alternative for macroeconomic bets. Earlier this week, when metal prices rose, many traders bought on crypto trading platforms – due to leverage and 24/7 availability. Now that prices are falling, the same platforms serve as a valve for risks. XAU and XAUT products have fallen by over 7%.

The stronger US dollar, driven by Fed speculation, is additionally weighing on all commodities. Still, metals remain one of the hottest topics this year. Copper is heading for a strong weekly increase, and gold continues to benefit from safe-haven demand. Interestingly, Bitcoin is trading relatively independently, which shows that crypto is gradually being perceived as an autonomous investment, not just a macro proxy. XRP dropped intraday from $1.36 to $1.33 – with significantly aggressive selling pressure and high volume.