Crypto Crash Alert: Bitcoin Dips to $60K, $2.7B Wiped Out in 24H Market Bloodbath

The crypto market experienced a sharp downturn on February 6, 2026, with Bitcoin briefly dipping to around $60,000—its lowest level since late 2024—before rebounding. This triggered widespread liquidations totaling over $2.7 billion in the past 24 hours, marking one of the most severe single-day plunges since the FTX collapse. The sell-off erased significant value from the broader market, with total crypto capitalization dropping notably amid a risk-off environment influenced by tech stock declines, macroeconomic concerns, and shifting expectations around U.S. monetary policy.

Bitcoin (BTC) led the decline, falling from recent levels above $70,000 to a low near $60,000 (approximately $60,008 reported in some sources), before recovering to trade around $65,000–$66,000 in subsequent hours. This represented a drop of roughly 8–15% in a short period, driven by forced selling from over-leveraged positions—primarily long bets—and cascading margin calls. More than 588,000 traders were affected, with about 85% of liquidations from bullish positions.

Ethereum (ETH) and major altcoins faced similar pressure. ETH dropped significantly (reports indicate around 5–10%, trading near $1,900–$2,000 in some updates), while assets like Solana (SOL), Cardano (ADA), and others saw double-digit percentage losses. The Crypto Fear & Greed Index plunged into “extreme fear” territory (as low as 9–11), reflecting heightened panic and bearish sentiment not seen in years.

Analysts link the rout to broader factors, including outflows from crypto ETFs, whale movements, and spillover from traditional markets amid uncertainty over Federal Reserve policy and tech sector weakness. While short-term volatility remains elevated, some view the dip as a potential accumulation opportunity for long-term holders.

What traders should know
– Prioritize risk management: Use stop-loss orders and avoid excessive leverage.
– Monitor key triggers: Macro news, regulatory updates, and on-chain activity.
– Maintain perspective: Corrections are common in crypto, but fundamentals like adoption persist.

Key takeaways
– Bitcoin tested $60K support before partial recovery.
– $2.7B+ liquidated in 24 hours, mostly longs.
– Widespread altcoin losses and extreme fear dominate sentiment.
– Caution advised; brace for ongoing swings.