Asia Market Open: Bitcoin Slides to $72K as Tech Stocks Drag Equities Lower

Bitcoin slid to around $70,000–$72,000 during early Asian trading on February 5, 2026, extending a sharp multi-day sell-off as a tech-led downturn on Wall Street spilled over into risk assets, including cryptocurrencies.

The decline accelerated overnight, with Bitcoin briefly dipping below $70,000—the lowest since November 2024—before recovering slightly to trade near $70,400–$71,400 in various reports by mid-morning Asia time (around 5–7 PM IST equivalent). This marked losses of 6–8% in 24 hours, pushing the asset down over 40% from its October 2025 peak above $126,000.

Asian equities opened mixed to lower, tracking Wall Street’s retreat: Tokyo’s Nikkei 225 fell 0.9%, while South Korea’s Kospi plunged nearly 4% amid heavy tech selling. The correlation between crypto and traditional risk markets—particularly U.S. tech stocks—remained pronounced, with analysts noting Bitcoin’s “high-beta” behavior amplifying equity weakness. A “crisis of faith” in valuations, fears of AI disruption to software demand, and broader risk aversion drove the synchronized drop.

Other major cryptocurrencies followed suit: Ethereum traded near $2,080–$2,130 (down 7%+), with altcoins like XRP and Solana posting steeper losses. Derivatives markets saw elevated liquidations—hundreds of millions wiped out—exacerbating volatility as long positions triggered stops.

The pullback stems from renewed concerns over tech sector overvaluation, potential tighter monetary policy signals (e.g., Fed balance sheet outlook), and spillover from equity rotations away from high-growth names. The Fear & Greed Index plunged to “extreme fear” levels around 11.

Some market watchers view this as a healthy short-term correction after prior rallies, with long-term demand for digital assets potentially intact. Others warn of prolonged pressure if macroeconomic uncertainty persists, with traders eyeing upcoming U.S. data, central bank commentary, and whether key supports hold.

For now, Asia sessions remain choppy as participants digest the global tech slump and brace for continued ripple effects across equities and crypto.