Global markets witnessed a cautious relief phase on Thursday, with U.S. stocks rebounding, oil holding just below recent highs, gold easing off a record, and crypto back above a $3 trillion market cap as Trump retreats from Greenland tariffs while pressure on Federal Reserve independence keeps nerves exposed.
Crypto
Total crypto market value is around $3.04 trillion, a little over 1% higher on the day, with the Crypto Fear & Greed Index at 34 (“Fear”), the Altcoin Season index showing 30/100, and the Average RSI near 45, pointing to stabilization after the sell-off rather than a full risk-on turn.
Bitcoin trades just under $90,000, up about 0.9% in 24 hours but still roughly 7% lower over the week. Ethereum is near $3,000, gaining around 1.4%, while Solana outperforms at about $130, up more than 2%.
Spot bitcoin ETFs remain a structural support even as flows wobble, with the products holding roughly $121 billion in assets with about $57 billion of cumulative net inflows.
Over Jan. 20–21, spot bitcoin ETFs saw about 13,000 BTC of net outflows. roughly $1.2 billion at current prices, with IBIT alone shedding around 600 BTC (about $50 million) on Monday and another 4,000 BTC (about $360 million) on Tuesday.
Commodities
Oil is slightly softer after a two-day climb. Brent trades near $64.96 and WTI around $60.40, with both down about 0.3% but still above last week’s lows.
Gold is consolidating after an explosive move, with spot bullion sitting near $4,836 an ounce, roughly $50 below Wednesday’s record of just under $4,888, as safe-haven demand has cooled with Trump’s softer tone toward Europe.
Global Stock Indices
Wall Street bounced hard, with the S&P 500 hovering at 6,875.61 (+1.16%), the Dow at 49,077.23 (+1.21%), and the Nasdaq at 23,224.82 (+1.18%), led by cyclicals and financials, with tech participating but not dominating.
Nikkei 225 futures are near 53,970 (+0.43%) ahead of a BoJ meeting expected to stay hawkish in tone, while the FTSE 100 is around 10,209, flat but supported by energy names and fading fears of an immediate U.S.–EU trade clash.
Geopolitics & Market Sentiment
On the diplomatic front, Trump’s reversal over Greenland is driving the mood. In Davos, he backed away from earlier threats to use tariffs or even force over the territory and instead talked about working with NATO on a future deal covering Arctic security and critical minerals. That shift has removed the immediate risk of a U.S.–EU trade clash and helped calm markets, even though Europe remains uneasy.
EU leaders are meeting in Brussels to coordinate their response, while Spain’s foreign minister is using the episode to push again for a more integrated EU defense, saying Europe needs to show it cannot be pressured militarily or economically.
On the economic front, pressure on the Federal Reserve is the main concern. U.S. Supreme Court justices have raised doubts about Trump’s attempt to fire Fed Governor Lisa Cook, warning it could undermine the Fed’s independence, while a separate Justice Department investigation into Chair Jerome Powell has added to worries about political interference.
