On 8 February 2026, the cryptocurrency market showed signs of a relief rally following a volatile period. The total global crypto market cap rose by 4.43% to reach $2.34T. Bitcoin (BTC) reclaimed the $70,000 mark, trading at approximately $70,483 (up 2.96% in 24 hours), while Ethereum (ETH) surged over 4% to trade near $2,100.
Market Performance (8 Feb 2026)
Major assets experienced a mixed but generally positive trend after recovering from a sharp plunge earlier in the week:
Bitcoin (BTC): Traded between a low of $68,852 and a high of $72,206 during the day.
Ethereum (ETH): Stabilized at $2,088, maintaining a 100% conviction in prediction markets for staying above $1,800.
Solana (SOL): Traded around $87.04, down slightly by 0.68% despite a broader market recovery.
Top Gainers: ZIL (+22%), F (+18%), and BREV (+16%) outperformed the market.
Key News & Institutional Updates
MicroStrategy Accumulation: As of 8 February 2026, MicroStrategy's total holdings reached 714,644 BTC following its latest weekly purchase.
Whale Activity: The market recorded the largest whale accumulation since November 2025, with institutional entities purchasing approximately $4 billion in Bitcoin over a seven-day period.
Regulatory Shift: The U.S. regulatory environment continued its transition toward an "enablement" phase under SEC Chair Paul Atkins, following the landmark GENIUS Act passed in 2025 for stablecoin oversight.
Tax Compliance: India's Union Budget 2026 maintained a 30% tax on digital assets and a 1% TDS, while introducing stricter reporting requirements for exchanges starting in April 2026.
Market Sentiment & Outlook
Despite the weekend recovery, derivative data indicated a "risk-off" sentiment, with Bitcoin futures open interest sliding and funding rates flipping neutral-to-negative. Prediction markets remained divided, with a 64% probability of Bitcoin hitting $75,000 by the end of February.
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