On January 30, spot silver prices recorded the biggest daily decline in more than 4 decades. XAG/USD dipped by approximately 35%, reaching prices below $75, after hitting a new ATH on January 29.
Amidst huge FUD against Binance on CT, the exchange was blamed for the recent silver price drop.
People complain about altcoins
Not even the largest asset on earth can survive Binance listings pic.twitter.com/KIRoDFdK8w
— Crypto Bully 🔥 (@BullyDCrypto) January 30, 2026
XAG/USD topped $120 on Thursday, and the price drop came amidst aggressive profit-taking on Friday, which triggered a broader retreat across the entire precious metals complex.
XAG/USD price trajectory
XAG/USD is currently trading above $85, down by over 26% in the past 24 hours, Trading View data shows. Spot silver prices slightly recovered on January 31, following a previous price decline of approximately 35% the previous day, when prices dipped below $75.
The Kobeissi Letter also pointed out the sharp decline in silver price on January 30, highlighting that silver was on track for its biggest daily decline in 46 years.
BREAKING: Spot silver falls as much as -35%, dropping below $75/oz, on track for its biggest daily decline in 46 years. pic.twitter.com/OI1wAaMsQD
— The Kobeissi Letter (@KobeissiLetter) January 30, 2026
The sharp XAG/USD price drop came after spot silver prices reached a new ATH the previous day, on January 29, above $120. After debuting 2026 with prices above $72, silver prices saw an ascendant trajectory until Friday.
Why spot silver prices dropped
Some voices in the crypto industry argued that silver’s recent dip was caused by Binance listing, pointing out to the fact that the crypto exchange had announced that you can trade gold and silver on the exchange.
Indeed, Binance said that you can trade gold and silver on the platform on January 26, after revealing the launch of Tesla futures on January 28.
Also, you can trade Gold & Silver on Binance.
— Binance (@binance) January 26, 2026
After Binance’s announcement on January 26, silver prices spiked and hit a new ATH.
You can currently trade tokenized silver and silver futures on Binance.
However, the reasons for spot silver’s recent price dip are others, as highlighted by Trading Economics. Traders aggressively took profits after silver reached its ATH on January 29. In the past month, silver prices have been up from approximately $74-$75 on December 31, trading above $85 on January 31.
Precious metals’ prices have recently surged due to high economic and geopolitical uncertainty, a weaker US dollar, tight physical market conditions, and strong industrial demand.
Amidst the recent price decline in the precious metals sector, traders are still expecting a capital rotation into Bitcoin and the crypto market. At the moment of writing this article, BTC is trading in the green, above $82,000, following a dip to $81,000 levels.
We’ll see what happens to both DeFi and TradFi markets next week, with another partial US government shutdown that debuted today, and rising global economic and geopolitical uncertainty.
