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The cryptocurrency market experienced significant downward pressure on February 2, 2026, with major assets extending recent losses amid broader risk aversion and macroeconomic concerns.
Bitcoin (BTC) traded in the mid-$70,000 range during Asian and early U.S. sessions, briefly dipping as low as around $74,500–$74,800 before recovering somewhat to stabilize near $76,000–$77,600 (depending on exchange data from sources like Yahoo Finance, CoinMetrics, and CoinDesk). This marked a decline of approximately 3–7% over the past 24 hours, with the asset slipping below the $80,000 level earlier in the weekend and testing multi-month lows not seen since April 2025. The breach of key support levels amplified selling, contributing to over $2 billion in liquidations across crypto positions since late last week.
Ethereum (ETH) faced steeper declines, dropping around 7–10% to trade near $2,200–$2,300 (with reports varying from $2,179 to $2,269 across platforms like Investing.com and YCharts). This reflected heightened unwinding of riskier positions, with ETH underperforming BTC amid reduced inflows and broader sentiment deterioration.
Altcoins followed suit, with many posting losses of 4–13% or more. The total crypto market capitalization fell sharply, erasing substantial value in a single day, as correlated selling swept through tokens like Solana, XRP, and others.
Analysts attributed the sell-off to a mix of factors: concerns over tighter global liquidity (including U.S. Federal Reserve policy shifts and potential changes under new leadership), geopolitical tensions, profit-taking after prior rallies, and thin weekend liquidity magnifying volatility. Traditional markets, including equities and precious metals, also faced pressure, spilling over into crypto.
Despite the correction, some observers described it as a healthy retracement in an ongoing cycle, noting intact long-term fundamentals such as institutional adoption and on-chain metrics. Traders watched closely for Bitcoin to reclaim higher supports or risk further downside in a volatile environment.
