On January 30, spot silver prices posted their biggest one-day drop in 4 decades. XAG/USD fell about 35% to below $75 after hitting a new all-time high (ATH) on January 29. In the midst of a huge FUD wave against Binance on CT, the exchange was blamed for the recent drop in the price of silver.
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 touched $120 on Thursday and the price decline came amid intense profit-taking on Friday, which triggered a broader correction across the precious metals sector.
XAG/USD Price Path
XAG/USD is currently trading above $85, down more than 26% in the last 24 hours, according to Trading View data. Spot silver prices recovered slightly on January 31, after an earlier decline of about 35% the previous day, when they fell below $75.
XAG/USD 1 Day Prices – Trading View data The Kobeissi Letter also highlighted the sharp decline in silver prices 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 drop in XAG/USD came after spot silver prices hit a new all-time high the previous day on January 29 above $120. After starting 2026 above $72, the price of silver has been on an upward trajectory through Friday.
Why Spot Silver Prices Have Fallen
Some voices in the crypto industry have claimed that the recent drop in silver was caused by the listing on Binance, pointing out that the platform had announced the availability of gold and silver trading. Indeed, Binance announced on January 26 that users can trade gold and silver on the platform, 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 rose sharply and hit a new all-time high. Currently, tokenized silver and silver futures can be traded on Binance. TRADE XAGX, XAGUSDT However, the reasons for the recent drop in the silver spot price are different, as Trading Economics points out. Traders aggressively took profits after silver hit an all-time high on January 29. Over the past month, silver prices have risen from around $74–$75 on December 31st to trade above $85 on January 31st. Precious metal prices have risen recently due to heightened economic and geopolitical uncertainty, a weaker US dollar, tight physical market conditions and strong industrial demand. Despite the recent decline in prices in the precious metals sector, traders still expect capital to shift to Bitcoin and the crypto market. At the time of writing, BTC is trading in the green above $82,000 after a brief drop to the $81,000 levels. It remains to be seen what will happen in both the DeFi and TradFi markets next week, with a new partial US government shutdown starting today, and amid growing global economic and geopolitical uncertainty. Join our 33,000+ subscribers. No spam, just useful info.