Crypto Market Update for February 6, 2026
Market Overview
The crypto market was hit with a heavy sell, off on February 6th and as a result Bitcoin briefly went below the $60, 000 mark. The whole crypto market capitalization decreased about 9% while most assets dropped between 7% and 14% over 24 hours. Ethereum went down more than 10% to $1, 880.
Key Events
Liquidations: Major liquidations in derivatives markets resulted in wiping out 2.71 billion dollars of positions, with long bets accounting for 2.28 billion dollars going alone.
Bitcoin's Realized Losses: Bitcoin's single, day realized losses amounted to $3.2 billion, thus surpassing black swan events such as the Luna collapse and FTX bankruptcy.Notable News
Bybit's Proof of Reserves: Bybit has revealed that the user accounts in Bitcoin and Ethereum were reduced according to its latest Proof of Reserves report.
The Ethereum Foundation Security Dashboard: The Ethereum Foundation has developed a "Trillion Dollar Security Dashboard" to monitor the vulnerabilities of the network and the efforts to reduce them.
BitGo CEO's Statement: BitGo CEO Mike Belshe has given the crypto investors a vote of confidence saying that the crypto industry will eventually be stronger than ever. He justified this by the sector's improved infrastructure and increased adoption.
Ark Invest's Transactions: Ark Invest increased its holding in Bullish and at the same time decreased its Coinbase holdings.
Bitcoin Spot ETFs: U.S. Spot Bitcoin ETFs saw net outflows totaling $434M for the third day running, with BlackRock's IBIT accounting for most of the withdrawal .,
Market Performance Bitcoin Price: The current price is $70, 479.72, up 2.88%.
Ethereum Price: It's trading at $2, 079, up 2.78%.
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