February 6 News, the cryptocurrency market experienced another heavy decline on Friday, with Bitcoin, Ethereum, BNB, and XRP all falling by double digits. The leveraged market liquidation amount exceeded $2.5 billion. Data shows that Bitcoin dropped 8.63% in a single day, retreating nearly 18% from the Thursday high of $73,639. During the session, it briefly touched $60,255, the lowest level since October 2024, then rebounded to around $64,600, but still down 34% from the year’s high.
Ethereum declined about 10%, hitting a low of $1,756, marking a nine-month low; BNB briefly fell below $600, with an intraday drop of approximately 11%. Mainstream tokens such as Ripple, Solana, Dogecoin, and Cardano generally fell 12% to 16%. Tokens like LEO, Monero, and Official Trump experienced even sharper declines. The total market capitalization shrank to approximately $2.27 trillion on the day.
The derivatives market saw a sharp chain reaction. Statistics show that about $2.6 billion in positions were liquidated within 24 hours, with nearly 90% coming from long positions. Bitcoin-related liquidations reached $1.08 billion, Ethereum about $455 million, affecting over 590,000 traders.
The immediate trigger for this decline was Bitcoin losing two major leverage zones at $70,000 and $65,000, triggering forced liquidations and creating a negative feedback loop of falling prices and selling. Meanwhile, the weakening of US tech stocks also increased pressure on risk assets, with Microsoft, AMD, and Nvidia experiencing significant corrections recently, leading to more conservative market sentiment.
On the macro level, weak US employment data has generated new uncertainties about economic prospects and monetary policy directions. Institutional demand has also cooled, with continuous outflows from spot Bitcoin ETFs over several days. Additionally, news that the Trump family-backed World Liberty Financial sold Bitcoin before the crash further amplified market volatility.
Sentiment indicators have also declined, with the Crypto Fear & Greed Index dropping to 9, indicating investors are in an extremely cautious phase. In the short term, the market will continue to fluctuate around key support levels.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
22,000 BTC Options and 100,000 ETH Options Expire Today; BTC Max Pain at $72,000
On April 17, 22,000 BTC options are expiring with a 1.05 Put/Call ratio and a $72,000 maximum pain point, totaling $1.65 billion. Additionally, 100,000 ETH options are expiring with a 0.95 Put/Call ratio and a $2,250 maximum pain point, valued at $460 million.
GateNews23m ago
Bitcoin Composite Market Index (BCMI) Approaches High-Conviction Support Zone, Signals Value Accumulation Phase
Bitcoin's Composite Market Index is testing a crucial pivot level, indicating BTC is historically undervalued. Key metrics like MVRV and NUPL show reset investor sentiment, while a downtrend in the 90-day SMA suggests ongoing selling pressure.
GateNews1h ago
Listed Bitcoin Miners Sold Over 32,000 BTC in Q1 2026, Exceeding Full-Year 2025 Total
Bitcoin miners sold over 32,000 BTC in Q1 2026, exceeding 2025's total sales. Key players include MARA, Riot, and Core Scientific. Miner profitability is declining as hash prices fall below breakeven, with reserves down from 1.86 million to 1.80 million BTC.
GateNews1h ago
Bitcoin's Quantum Defense Plan BIP-361 Draws Criticism Over 1.7M BTC Recovery Gap
Bitcoin developers are working on BIP-361 to protect against quantum computing threats by migrating funds to safer formats, potentially freezing 1.7 million BTC. Charles Hoskinson critiques the plan, arguing it may lead to permanent freezing of vulnerable coins. The debate highlights tensions in adapting Bitcoin's protocols.
GateNews1h ago
