Asia Market Open: Bitcoin Plunge to $64K Rattles Risk Assets as Tech Slump Ripples Through Asia
Bitcoin tumbled greater than 10% towards $64,000, extending a brutal week for crypto as promoting strain unfold throughout danger belongings and shook markets from New York to Asia.
The drop dragged Bitcoin to its weakest stage since late 2024, reversing momentum that had constructed after Donald Trump’s election win, when he signalled a extra supportive stance on crypto through the marketing campaign path.
Crypto losses got here as traders dumped tech shares and even safe-haven trades turned jumpier. Volatility in treasured metals additionally picked up, as leveraged bets and speculative flows amplified worth swings.
Market snapshot
- Bitcoin: $64,798, down 9.2%
- Ether: $1,900, down 9.7%
- XRP: $1.27, down 12.4%
- Total crypto market cap: $2.29 trillion, down 8.2%
ETF Outflows Mount As Crypto Selloff Deepens Into February
CoinGecko knowledge confirmed the worldwide crypto market has misplaced about $2 trillion in worth since its October peak, with roughly $800B erased over the previous month. Bitcoin was down about 17% for the week and roughly 28% for the yr up to now, whereas Ether was headed for a 19% weekly slide and a 38% drop year-to-date.
Traders additionally stored a watch on the plumbing of the rally that powered crypto greater final yr, particularly flows into exchange-traded funds.
Analysts from Deutsche Bank mentioned in a be aware that US spot Bitcoin ETFs witnessed outflows of greater than $3B in January, following outflows of about $2B and $7B in December and November, respectively.
Akshat Siddhant, lead quant analyst at Mudrex, mentioned presently bears stay in command of the crypto market.
“The latest decline was pushed by softer US labour knowledge and rising issues round heavy capital spending within the AI sector, which weighed on broader danger sentiment,” he mentioned.
“Continued ETF outflows and short-term holders transferring practically 60,000 BTC to exchanges have added to near-term promoting strain. That mentioned, for long-term traders, this section affords a beneficial accumulation alternative by disciplined, staggered shopping for.”
Matt Howells Barby, VP at Kraken, mentioned Bitcoin’s latest tumble doesn’t rule out additional short-term draw back.
“Price is now getting into a well-defined help zone between $54,000 and $69,000, however the weekly RSI has dipped under 30 for the primary time since mid-2022 — a sign that has traditionally preceded main bottoms forming inside a three-to-six-month window,” he mentioned.
“In our view, a base is most probably to kind within the $54,000–$60,000 vary, notably as the low-$50,000s align with the 200-day transferring common.”
Risk Appetite Fades As Labour Data And Tech Losses Combine
In Asia, the risk-off temper hit equities early. MSCI’s broadest index of Asia-Pacific shares outdoors Japan fell about 1%, led by a 5% dive in South Korea’s Kospi that triggered a quick buying and selling halt shortly after the open, and Japan’s Nikkei 225 additionally slipped.
US inventory futures pointed decrease too, after Wall Street ended sharply down in a single day as tech heavyweights fell and traders questioned whether or not huge AI spending would translate into near-term earnings.
Alphabet added to the nervousness after saying it might raise 2026 capital spending as high as $185B, a part of an AI arms race that has traders watching money burn as carefully as income development.
Fresh labour market indicators additionally fed the unease, with a report exhibiting US layoffs introduced by employers surged in January to the best stage for the month in 17 years, reinforcing a broader pullback in danger urge for food.
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