Bitcoin plunged to a 16-month low of $60,008 on Friday, February 6, 2026, as panicked investors dumped risky assets amid a tech stock rout.
The flagship crypto clawed back to $64,153, up 1.64% in wild swings, but the damage is stark: down 14% in 24 hours to around $62,854 by midday UTC and 27% year-to-date.
Sharp Plunge Details
Ether mirrored the chaos, dipping to a 10-month trough of $1,752 before rebounding 2.4% to $1,891, with fresh data pegging it at $1,821 amid a 15% daily drop and 36% yearly wipeout.
The global crypto market has shed $2 trillion since its $4.38 trillion peak in early October 2025, including over $1 trillion in the past month alone. Bitcoin eyes a 16% weekly loss, fueled by $16 billion in futures liquidations.
Lessons from Leverage
This isn’t crypto’s death knell but a reality check on hype-driven bets, akin to gold’s corrections. Joshua Chu of the Hong Kong Web3 Association warned:
The Statement:
Bitcoin drifting back toward $60,000 is not crypto dying, it is the bill coming due for Treasuries and funds that treated bitcoin as a one-way asset without real risk controls, just as we have seen sharp corrections in self-proclaimed safe-haven assets like gold and silver when leverage and narrative ran ahead of reality.
Said Joshua Chu, co-chair of the Hong Kong Web3 Association.
Those who bet too big, borrowed too much or assumed prices only go up are now finding out the hard way what real market volatility and risk management look like.
Outlook Points Higher
Analysts see $60K as firm support; a hold could spark rebound as deleveraging eases. With volatility normalizing, savvy investors may eye dips, projecting recovery toward $70K if tech stabilizes though macro risks linger.