Bitcoin falls below $62,000, projecting its biggest drop since FTX in 2022.
Bitcoin has plunged more than 10% in the past 24 hours, falling to around $63,000, its lowest level since October 2024. Experts believe the $58,000-$60,000 range could act as a key support level, but there are no clear signs of a rebound yet.
Strategy: Bitcoin Possible Long-Term Low of $8,000, Reports $12.6 Billion Loss
Pon Le, CEO of Strategy, stated that if BTC falls to $8,000 and remains there for several years, it could threaten the repayment of convertible bonds. The company recorded a $12.6 billion loss due to the market decline, and plans to maintain its long-term strategy.
Cryptocurrency Market Fear Index Hits 9… Investor Sentiment Rapidly Declining
According to Alternative.me, the Fear and Greed Index reached 9 on February 6th, entering the "extreme fear" zone. This is lower than the previous day's reading of 12 and the previous week's reading of 16, reflecting the deterioration in investor sentiment following the market decline.
ETH sees net outflows of 37,809 ETFs, with 7,925 BTC also leaving.
According to Lookonchain data, there was a net outflow of 7,925 BTC from US Bitcoin ETFs and 37,809 ETH from Ethereum ETFs. A significant outflow was also observed from the Solana ETF.
Bitcoin-related stocks plummet... Strategy -17.12%, MARA -18.72%
Cryptocurrency-related stocks fell in tandem, with DFDV (-25.12%), UPXI (-19.85%), MARA (-18.72%), and Strategy (-17.12%) recording significant declines. The decline in the New York Stock Exchange is cited as a contributing factor.
Pantera Capital: "BTC plunge due to Asian institutional liquidations… Yen carry failed."
Pantera's Franklin Bee explained that the recent market plunge was triggered not by exchanges but by the failure of a yen carry trade by a large Asian institution. The institution is believed to have suffered losses after closing its leveraged positions.
ETH selloffs surge, including from Vitalik and Aave founders.
Vitalik Buterin sold approximately $14.15 million worth of ETH (6,899.5 units), and the Aave founder also sold 4,504 ETH (8.36 million units). The market is concerned about the growing selling pressure on ETH.
The US Banking Commission is signaling a tightening of cryptocurrency regulations, saying, "Go to El Salvador."
U.S. Treasury Secretary Scott Besant delivered a strong statement at a Senate hearing, criticizing the cryptocurrency industry for evading regulations. He also criticized industry opposition to the Digital Asset Market Transparency Act (DAMT).
Whale transfers 199.9 million USDT to Binance, raising concerns about short-term selling.
$200 million worth of Tether (USDT) moved from an anonymous wallet to Binance. Large-scale stablecoin transactions could lead to liquidation and market pressure.
An Ethereum whale sold 3,947 ETH to Binance, resulting in a loss of approximately $11.97 million.
A single ETH whale wallet has reportedly deposited 3,947 ETH (approximately $7.53 million) into Binance, resulting in a loss of approximately $11.97 million. Concerns are growing that ETH could decline further due to increased selling pressure.
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