Metals Hit Records as Dollar Slides, But Crypto Remains Weak

Metals and other hard assets continue to climb to record highs as the U.S. dollar struggles, yet cryptocurrencies have largely failed to respond.

The U.S. dollar index (DXY) slipped again Tuesday, trading just above its 2025 lows. Following a post-election rally after Donald Trump’s November 2024 victory, the dollar fell sharply in the first half of 2025 and has remained volatile near multi-year lows in recent months. Initially, the greenback’s decline lifted stocks, gold, and Bitcoin (BTC $87,288.23), pushing them to new records.

Since October, however, the pattern has shifted. Stocks and hard assets have continued to rally—gold, silver, and copper all hit new highs Tuesday—while Bitcoin and the broader crypto market have faced steep declines.

Dollar Outlook

The DXY is trading just above a major long-term support level that dates back to the 2008 global financial crisis. This floor has held through multiple tests, most recently in July and September.

As foreign central banks, including the Bank of Japan, adopt tighter policies, the U.S. Federal Reserve faces pressure—most notably from President Trump—to lower rates. This divergence increases the possibility that the dollar could break below its key support.

While Bitcoin has yet to benefit from this year’s weak dollar, a breach of long-term support could be the catalyst that reverses the crypto downtrend.