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U.S. dollar strength and volatility surge as
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U.S. dollar strength and volatility surge as
U.S. dollar strength and volatility surge as markets nervously await U.S. open
5 min read
U.S. dollar strength and volatility surge as markets nervously await U.S. open
While Fed chair speculation drives uncertainty across equities, rates, and crypto.
By James Van Straten|Edited by Oliver Knight
Jan 30, 2026, 10:47 a.m.
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DXY Index (TradingView)
What to know:
- Reports suggest the Trump administration may announce Kevin Warsh as the next Federal Reserve chair, replacing Jerome Powell.
- The VIX is up 13%, while the MOVE Index has climbed 6%, highlighting elevated uncertainty across both equity and Treasury markets.
- The DXY index is edging higher, reinforcing a risk off tone as U.S. equities trade lower ahead of the open.
The Trump administration is reportedly preparing to announce Kevin Warsh as the next Federal Reserve chair on Friday, replacing Jerome Powell, a development that has unsettled markets and triggered a broad selloff across asset classes.
As a result risk sentiment has deteriorated as investors price in potential shifts in monetary policy direction.
STORY CONTINUES BELOW
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Meanwhile, the DXY index, which tracks the strength of the U.S. dollar against a basket of major currencies, has edged up to 96.6.
U.S. Treasury yields are modestly higher, with the 10 year benchmark yield at approximately 4.25%.
Volatility has surged with the Volatility Index (VIX) up 13% and the MOVE Index, which tracks volatility in the U.S. Treasury market, higher by 6%.
In Friday pre-market trading, the Invesco QQQ (QQQ) is down more than 1%, trading around $622 per share.
Bitcoin has fallen significantly, sliding to $82,000. As a result of this drop, bitcoin has fallen out of the top ten global assets by market capitalization and now ranks eleventh, with a market cap of $1.6 trillion.
Equities tied to bitcoin have followed suit. Strategy (MSTR), the largest publicly traded holder of bitcoin, is down 4% in pre market trading after falling roughly 10% on Thursday, now trading near $138. In the bitcoin mining and AI sector, IREN (IREN) is down 5% at $57, while Cipher Mining (CIFR) is lower by 4%. While both Galaxy Digital (GLXY) and Coinbase (COIN) are down 3%.
Metals have absorbed much of the downside during the last 24 hours. Gold has retreated toward $5,000 per ounce, while silver has fallen back to around $100 per ounce. Other commodities have also weakened, with copper and oil both trading lower.
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Bitcoin, ether extend declines as leverage unwind accelerates: Crypto Markets Today
Crypto markets fell further overnight as bitcoin and ether extended losses, metals tumbled and liquidation pressure hit leveraged traders across derivatives markets.
What to know:
- Bitcoin and ether extended declines as the crypto market compounded Thursday's selloff.
- Silver and gold also fell, adding to broader market weakness alongside a firmer dollar.
- Crypto liquidations hit $1.8 billion, while bitcoin dominance slipped as traders rotated into riskier altcoins.
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