The cryptocurrency market on February 6, 2026, was defined by extreme volatility, featuring a massive overnight crash followed by a significant intraday recovery. The day began with a broad market "capitulation" event where Bitcoin briefly plunged below the $60,000 mark, its lowest level since late 2024.
Market Performance Summary
Despite the early panic, major assets staged a strong afternoon rebound:
Bitcoin (BTC): After hitting a low near $60,005, BTC surged 10% during the Friday session to touch a high of $71,458.
Ethereum (ETH): Followed a similar trajectory, dropping to an intraday low of $1,748 before recovering to close near $2,063.
Liquidations: The rapid price swing triggered $2.71 billion in total liquidations within 24 hours, with over $2.28 billion coming from wiped-out long positions.
Total Market Cap: Slipped approximately 8–9% overall during the heat of the sell-off to roughly $2.3 trillion.
Key News & Updates
Institutional Activity: Morgan Stanley initiated "Overweight" ratings on Bitcoin miners Cipher Mining (CIFR) and TeraWulf (WULF), projecting over 150% upside despite the week's volatility.
Whale Accumulation: On-chain data revealed that "whales" (entities holding >10,000 BTC) added approximately $4.7 billion in Bitcoin over the prior two weeks, suggesting a "buy the dip" sentiment among large holders.
Infrastructure Development: Metal Blockchain launched BitcoinVM, a new environment aimed at bringing smart contract functionality and programmability to the Bitcoin ecosystem.
Corporate Moves: Coinbase CFO Alesia Haas sold $56.5 million in stock on February 6 as part of a pre-arranged 10b5-1 plan, primarily to cover tax obligations related to option exercises.
Macro Context: A weaker-than-expected U.S. JOLTS report fueled expectations for potential interest rate cuts later in the year, providing a supportive backdrop for risk assets late in the day.
Major Events (London & Hong Kong)
The Digital Assets Forum 2026 concluded its final day in London, focusing on real-world asset (RWA) tokenization and institutional allocation.
Consensus Hong Kong 2026 side events were active, preparing for the main conference scheduled for February 10–12.
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