Bitcoin experienced a significant plunge in early Asia trading on Friday, falling as much as 4.8% to US$60,033, reaching its lowest level since October 2024. This selloff effectively erased all gains booked by the token since United States President Donald Trump’s 2024 election victory.
However, the cryptocurrency later pared some of these losses, rising by over 2% to more than $64,400 by 9:12 am in Singapore.
- Current Price and Performance (as of Fri Feb 06 2026 11:25:01 GMT+0700):
- Spot Price: The Bitcoin price against the US Dollar fluctuates slightly across sources, but the most frequently cited values are around 64,692.00 USD (from the main search result) and 64,601 USD (TradingView). Another source mentions $65,178.14 (Binance) and $64,039.06 (Revolut).
Other cryptocurrencies, such as Solana, also saw sharp declines before rebounding. This market downturn is largely attributed to a brutal series of liquidations that began in October, which significantly sapped market confidence. The selling intensified this week due to the unwinding of leveraged bets and broader market turbulence, with approximately $2.3 billion of leveraged long bets across all cryptocurrencies being liquidated within a 24-hour period.
Rachael Lucas, an analyst at BTC Markets, noted a distinct lack of market appetite to counter this liquidation-driven selloff. She highlighted that “repeated failures to hold support levels have shifted behaviour” and emphasized the critical importance of Bitcoin maintaining the $60,000 support level, warning that a failure to do so could lead to a further decline into the mid-$50,000 range. The market’s volatility also had a substantial impact on major Bitcoin holders, exemplified by Michael Saylor’s Strategy Inc, which reported a net loss of $12.4 billion for the fourth quarter, primarily driven by the mark-to-market decline in its extensive Bitcoin holdings.
The recent intensification of the cryptocurrency selloff is attributed to several specific factors:
- Brutal Series of Liquidations: The market has been on the back foot since a brutal series of liquidations began in October, which significantly sapped market confidence.
- Unwinding of Leveraged Bets: This week, the selling picked up steam due to the unwinding of leveraged bets.
- Broader Market Turbulence: Alongside the unwinding of leveraged bets, broader market turbulence also contributed to the intensified selling this week.
- Lack of Market Appetite: Rachael Lucas, an analyst at BTC Markets, noted a distinct lack of market appetite to step in front of this move, particularly given its liquidation-driven nature.
- Repeated Failures to Hold Support Levels: Lucas also highlighted that “repeated failures to hold support levels have shifted behaviour,” impacting market sentiment and trading actions.
The financial metric that quantifies this activity is:
- Approximately $2.3 billion of leveraged long bets across all cryptocurrencies were liquidated within a 24-hour period.
Market analysts suggest that the initial drop in Bitcoin’s value may have been triggered by broader concerns over tightening monetary policies and regulatory scrutiny in key markets. Despite the rebound, volatility remains high, with traders closely monitoring developments in global financial markets. Additionally, other major cryptocurrencies, including Ethereum and Binance Coin, also saw fluctuations, reflecting a broader trend of uncertainty across the digital asset space. Investors are advised to exercise caution as the market continues to respond to external economic pressures and evolving sentimen
