Key Moments
- Bitcoin briefly dropped to $73,004.3, its weakest level since November 2024, before rebounding above $76,000.
- Roughly $740 million in leveraged long positions were liquidated over 24 hours as prices fell.
- Altcoins underperformed Bitcoin, with Solana and Cardano sliding 6% and Polygon falling 3.5%.
Bitcoin Extends Decline After Aggressive Sell-Off
Investing.com – Bitcoin traded just above 15-month lows on Wednesday, stabilizing after a sharp sell-off drove the largest cryptocurrency down toward $73,000 amid broad risk aversion and a surge in forced liquidations.
At 01:56 ET (06:56 GMT), Bitcoin was last down 2.8% at $76,509.1, having earlier fallen to an intraday trough of $73,004.3 – a level last seen in November 2024.
The recent slump followed a series of weekly losses. Following a slide over the weekend, Bitcoin was down nearly 12% last week, after already losing 10% in the prior week.
The latest leg lower brought prices back to levels last seen around Donald Trump’s U.S. election victory, wiping out gains that had been driven by optimism over potential regulatory relief for the cryptocurrency industry.
Bitcoin is at $76.3K. Trump signed the bill from Congress to end the partial US government shutdown. Bitcoin ETFs had positive inflows today.
It's a matter of market psychology on whether Bitcoin up again or goes further into bear territory.
DYOR DCA HODL NFA pic.twitter.com/sAiItagwJ8
— Daves_Metaverse SPX6900 💹🧲 (@Davids_Sarcasm) February 4, 2026
Liquidations Accelerate as Bullish Bets Unwind
The downturn in Bitcoin was accompanied by heavy liquidations of leveraged long positions. Data from crypto analytics provider CoinGlass showed that nearly $740 million worth of bullish positions were erased in the past 24 hours, as falling prices set off margin calls and compelled traders to close or reduce exposure.
Bitcoin’s current weakness stands in stark contrast to the late-2024 rally, when the token surged in the aftermath of Trump’s election victory.
At that time, investors increased allocations to digital assets on hopes that a new U.S. administration could deliver a more favorable regulatory backdrop for cryptocurrencies. Bitcoin also benefited from Federal Reserve interest rate cuts starting in December 2024, which supported demand for higher-risk assets.
Macro Backdrop: Safe Havens Firm, Policy Outlook in Focus
Gold and other traditional safe-haven assets rebounded on Wednesday, supported by rising geopolitical tensions between the United States and Iran.
Cryptocurrency markets are also contending with uncertainty around the U.S. monetary policy outlook after Trump nominated former Federal Reserve governor Kevin Warsh as the next Fed chair.
Warsh is widely viewed as hawkish, prompting concerns over liquidity conditions.
Altcoins Underperform as Broader Crypto Market Retreats
Most major altcoins remained under pressure on Thursday, posting steeper losses than Bitcoin.
| Asset | Description | Move | Latest Price / Detail |
|---|---|---|---|
| Bitcoin | World’s largest cryptocurrency | -2.8% | $76,509.1 at 01:56 ET (06:56 GMT); intraday low $73,004.3 |
| Ethereum | World no. 2 crypto | -2.3% | $2,268.92 |
| XRP | World no. 3 crypto | -1.1% | $1.59 |
| Solana | Altcoin | -6% | Not specified |
| Cardano | Altcoin | -6% | Edged lower |
| Polygon | Altcoin | -3.5% | Declined |
| Dogecoin | Meme token | -0.2% | Ticked lower |
World no.2 token Ethereum fell 2.3% to $2,268.92, while world no. 3 crypto XRP slipped 1.1% to $1.59.
Solana dropped 6%, and Cardano also moved lower, while Polygon declined 3.5%.
In the meme-token space, Dogecoin edged 0.2% lower.
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