Why Is Crypto Down Today? – February 6, 2026
The crypto market is down at the moment, posting one other important lower. It fell 8% over the previous 24 hours to $2.3 trillion. Moreover, 90 of the highest 100 cash noticed their costs drop. At the identical time, the whole crypto buying and selling quantity stands at $356 billion, the very best it’s been in months.
Crypto Winners & Losers
On Friday morning (UTC), 9 of the highest 10 cash per market capitalisation have seen their costs fall. Whopping 5 of those have recorded double-digit drops.
is down 11%, now altering palms at $1,878.
The highest lower within the class is 14% by Solana (SOL), now standing at $79.
It’s adopted by Dogecoin (DOGE)’s fall of 11.3% to the worth of $0.09056.
The smallest lower is Tron (TRX)’s 4% to $0.2687.
The solely inexperienced coin is Figure Heloc (FIGR_HELOC). It’s up 2.9% to the worth of $1.03.
Furthermore, of the highest 100 cash per market cap, 90 have posted worth drops at the moment. 41 of those noticed double-digit pullbacks.
The largest fall at the moment is 21.3% by Official Trump (TRUMP). It now trades at $3.23.
The subsequent one on the listing is LEO Token (LEO), having dropped 17.2% to $6.69.
Of the inexperienced cash, the very best performer is MYX Finance (MYX). It appreciated 6.1%, now altering palms at $6.48.
MemeCore (M) follows with a 5% rise to $1.58.
Bitcoin’s entity-adjusted realised loss hit a record $3.2 billion on 5 February, an indication that merchants rushed to exit because the market plunged.
On-chain analyst Murphy outlined this as capitulation, arguing that the dimensions of loss-taking surpassed what the market absorbed throughout a few of its strongest shocks.
Meanwhile, Bitcoin miner Marathon Digital (MARA) transferred 1,318 BTC, value $86.9 million, in ten hours to 3 crypto wallets.
The plunge in costs has taken a major toll on Bitcoin miners.
‘Consolidating a Clearly Corrective Phase’
Matt Howells Barby, VP at Kraken, “Bitcoin breaching the 2021 all-time high of $69,000 is important, but it surely doesn’t rule out additional short-term draw back.”
He argues that the coin’s worth is now getting into a well-defined assist zone between $54,000 and $69,000.
Moreover, the weekly RSI has dipped under 30 for the primary time since mid-2022. This sign “has traditionally preceded main bottoms forming inside a three-to-six-month window.”
“In our view, a base is probably to type within the $54,000–$60,000 vary, notably because the low-$50,000s align with the 200-day transferring common,” the VP concludes.
Moreover, Antonio Di Giacomo, Senior Market Analyst at XS.com, commented that Bitcoin posted a pointy decline amid a contraction in world liquidity and a broad sell-off in tech shares.
“The cryptocurrency has recorded losses in seven of the final eight classes, consolidating a clearly corrective part that has considerably weakened market sentiment.”
Therefore, the primary coin noticed a virtually 50% drop from its ATH, “confirming a structural shift in worth dynamics.” Per the analyst, “the market has transitioned from an setting dominated by hypothesis and leverage to 1 targeted on capital preservation, amid a broader adjustment throughout threat belongings.”
The break of key technical ranges elevated the downward stress and triggered a wave of compelled liquidations within the derivatives market. Almost $770 million in leveraged positions bought liquidated in simply 24 hours. This, in flip, amplified volatility and accelerated the worth decline in a low-liquidity setting.
“This deleveraging course of displays a market that has but to finish its cleaning part. Over current months, elevated leverage left Bitcoin susceptible to sharp strikes, and the current break of technical helps acted as a catalyst for a deeper, extra disorderly adjustment.”
Moreover, BTC not act instead safe-haven asset. It’s now aligned with the risk-asset cycle once more.
Di Giacomo writes: “In the quick time period, worth motion will stay conditioned by liquidity stability and the evolution of the macroeconomic setting. As lengthy as restrictive monetary situations and a defensive tone prevail in world markets, technical rebounds could also be restricted and susceptible to renewed promoting stress.”
Levels & Events to Watch Next
At the time of writing on Friday morning, BTC was buying and selling at $64,744. While it started the day at $71,702, it progressively, however swiftly, dropped under the psychologically vital assist degree of $70,000 and to the intraday low of $60,255.
It is now down almost 22% in a single week, with the very best worth on this interval being $84,177. BTC can be down 48.5% from its all-time high of $126,080 recorded in October 2025.
Having dipped to the $60,250 degree, Bitcoin now has high possibilities of dropping under $60,000 in direction of $58,500, adopted by $56,300. The resistance space now stands on the $77,000 degree.
At the identical time, Ethereum was altering palms at $1,878. It decreased from the intraday high of $2,136 to the low of $1,756. It recovered barely since.
Over the previous week, the worth dropped by 31.5%, whereas it pulled again 62% from the August ATH of $4,946.
Like BTC, ETH additionally reveals a robust bearish development. If the course doesn’t reverse, having dropped under $2,000, the coin is now at risk of pulling again additional in direction of $1,700 and $1,620, with the following cease being the $1,500 degree.
Moreover, the crypto market sentiment has dropped to a degree not seen since CoinMarketCap started monitoring this metric in mid-2023.
The crypto worry and greed index now stands at just 5, having plunged from 11 seen a day in the past. This is deep inside the excessive worry zone.
The drop in sentiment is unsurprising given the plunge available in the market costs. It can be fascinating to see how low it will possibly go throughout this large pullback. The quantity displays a high degree of concern amongst market members, and it might worsen nonetheless.
ETFs Continue Outflow Streak
The US BTC spot exchange-traded funds (ETFs) closed one other session decrease on Thursday, with $434.15 million in damaging flows. The complete internet influx fell to the present $54.32 billion.
Six of the twelve ETFs posted damaging flows, and none noticed inflows. BlackRock let go of $175.33 million on 5 February.
Fidelity recorded outflows of $109.48 million, adopted by Grayscale’s $75.42 million.
Additionally, the US ETH ETFs noticed outflows on Thursday as nicely, letting go of $80.79 million. The complete internet influx decreased to $11.83 billion.
Of the 9 funds, three posted damaging flows, and two noticed inflows. Fidelity let go of $55.78 million, adopted by Grayscale’s $27.08 million and BlackRock’s $8.52 million.
At the identical time, Grayscale Mini Trust and Invesco took in $7.05 million and $3.53 million, respectively.
Quick FAQ
- Did crypto transfer with shares at the moment?
The crypto market recorded one other pullback within the final day. Also, the US inventory market closed the Thursday session sharply decrease. By the top of buying and selling on 5 February, the S&P 500 was down 1.23%, the Nasdaq-100 decreased by 1.38%, and the Dow Jones Industrial Average fell by 1.2%. Investors weighed the newest labour knowledge and Big Tech earnings experiences.
- Is this drop sustainable?
The costs can nonetheless go decrease. There is room for added pullbacks, until important macroeconomic and/or geopolitical elements present a robust sufficient tailwind for one more leg up.
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