This is the explosive news in the cryptocurrency market this afternoon (February 8, 2026, China time afternoon). Although the overall market is still struggling in a bear winter, there are several heavyweight news items worth paying attention to. 1. Bybit exchange ETH trading major bug, suspected loss of 200 million USD. Starting from 4 PM UTC (12 PM China time), ETH trading pairs experienced second-level volatility, with Bybit's internal market maker Time Research making a P0 level error, causing a huge market shock, with estimated losses exceeding 200 million USD. As of now, Bybit has not responded officially, and investors are furious. This incident directly drags down the ETH price, with complaints all over X. In the short term, the trust crisis in exchanges may amplify selling pressure.
2. The US Congress passes the first major cryptocurrency law! Stablecoins officially regulated. A historic moment: Congress just passed the stablecoin regulation bill, which is the first major cryptocurrency legislation in the U.S. X exploded with discussion, some shouting "start of the bull market," but there are also concerns about rising compliance costs. BTC and USDT may experience fluctuations in the short term, but clear regulations are a double-edged sword.
3. Bitcoin breaks 70K, Polymarket predicts a 64% chance of hitting 75K in February. BTC broke through the 70K mark this afternoon (peak at 70,132 USD), rebounding 3-5% from the morning low. Polymarket betting shows a 64% chance of reaching 75K within February, and whales are starting to bottom-fish altcoins like certain small-cap coins. Market sentiment has eased from extreme fear, but don’t be too optimistic.
