Gold, silver and bitcoin tumble as debasement trade unwinds

Bitcoin fell sharply alongside gold and silver as markets priced in Fed rate hikes, triggering an unwind of the "debasement" trade that had supported precious metals and BTC. Higher rate expectations raise the opportunity cost of holding non‑yielding assets, pressuring Bitcoin via risk‑off flows and deleveraging and likely increasing near‑term volatility. Continued hawkish surprises would keep downside risk elevated while any policy pause could prompt a rapid recovery or renewed correlation with gold.