Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Bitcoin surges back above $65,000 after $700
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Bitcoin surges back above $65,000 after $700
Bitcoin surges back above $65,000 after $700 million wipeout in Asia whipsaw
Bitcoin surges back above $65,000 after $700 million wipeout in Asia whipsaw
BTC fell as much as 4.8% to around $60,033 during late U.S. hours, before snapping back to as high as $65,926.
By Shaurya Malwa
Feb 6, 2026, 3:17 a.m.
Make us preferred on Google
What to know:
- Bitcoin briefly fell toward $60,000 before rebounding above $65,000, after a steep 13 percent slide on Thursday that marked its worst one-day drop since November 2022.
- About $700 million in leveraged crypto positions were liquidated in a few hours, underscoring how leverage rather than long-term conviction is driving the market’s sharp swings.
- The turbulence has spread across the crypto market, hitting altcoins and crypto-exposed companies such as Michael Saylor’s firm, which reported a $12.4 billion quarterly loss tied to bitcoin’s price decline.
Bitcoin rebounded sharply in Asia on Friday after a fresh wave of selling briefly pushed the token toward $60,000, extending a brutal drawdown that has now taken the world’s largest cryptocurrency more than 50% below its October peak.
BTC fell as much as 4.8% to around $60,033 during late U.S. hours, before snapping back to as high as $65,926. The move followed Thursday’s 13% slide, bitcoin’s steepest one-day drop since November 2022, when the collapse of Sam Bankman-Fried’s FTX triggered a marketwide panic.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Sign me up
The bounce came as liquidations surged again, clearing out leveraged positions that had built up during the week’s decline.
Roughly $700 million in crypto bets were wiped out over the past four hours, according to liquidation tracker CoinGlass, including about $530 million in long positions and $170 million in shorts. That mix suggests traders were first crushed on the way down, then caught leaning the wrong way on the rebound.
The move also appears to have drawn in spot buyers, with $60,000 acting as a psychological line that traders have been watching for weeks.
Damien Loh, chief investment officer at Ericsenz Capital, said the rebound points to “strong support” around that level, but warned sentiment remains fragile given the broader market backdrop.
Altcoins mirrored bitcoin’s whipsaw. Solana at one point fell as much as 14% before erasing those losses entirely within hours, shows how quickly risk appetite is flipping as liquidity thins and forced selling takes over.
The broader crypto market has been shaky since a series of liquidations in October rattled confidence, and the latest drawdown has been amplified by turbulence in global markets, where investors have been dumping speculative assets.
Bitcoin’s weakness is now spilling into crypto-linked balance sheets. Strategy, the company led by Michael Saylor, reported a $12.4 billion fourth-quarter net loss on Thursday, driven by mark-to-market declines in its bitcoin holdings.
Even with Friday’s bounce, traders say the market still looks like one being pushed around by leverage rather than conviction.
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
The post Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps appeared on BitcoinEthereumNews.com. The Federal Reserve has made its first Fed rate cut this year following today’s FOMC meeting, lowering interest rates by 25 basis points (bps). This comes in line with expectations, while the crypto market awaits Fed Chair Jerome Powell’s speech for guidance on the committee’s stance moving forward. FOMC Makes First Fed Rate Cut This Year With 25 Bps Cut In a press release, the committee announced that it has decided to lower the target range for the federal funds rate by 25 bps from between 4.25% and 4.5% to 4% and 4.25%. This comes in line with expectations as market participants were pricing in a 25 bps cut, as against a 50 bps cut. This marks the first Fed rate cut this year, with the last cut before this coming last year in December. Notably, the Fed also made the first cut last year in September, although it was a 50 bps cut back then. All Fed officials voted in favor of a 25 bps cut except Stephen Miran, who dissented in favor of a 50 bps cut. This rate cut decision comes amid concerns that the labor market may be softening, with recent U.S. jobs data pointing to a weak labor market. The committee noted in the release that job gains have slowed, and that the unemployment rate has edged up but remains low. They added that inflation has moved up and remains somewhat elevated. Fed Chair Jerome Powell had also already signaled at the Jackson Hole Conference that they were likely to lower interest rates with the downside risk in the labor market rising. The committee reiterated this in the release that downside risks to employment have risen. Before the Fed rate cut decision, experts weighed in on whether the FOMC should make a 25 bps cut or…
Share
BitcoinEthereumNews2025/09/18 04:36
USD/INR edges lower as Indian Rupee gains on improving equity inflows
The post USD/INR edges lower as Indian Rupee gains on improving equity inflows appeared on BitcoinEthereumNews.com. USD/INR loses ground on Tuesday after two days
Share
BitcoinEthereumNews2026/02/10 12:37
Sahara AI has entered into a strategic partnership with South Korean payment giant Danal Fintech to jointly build a stablecoin AI payment system.
PANews reported on February 10th that artificial intelligence company Sahara AI has entered into a deep collaboration with Danal Fintech, one of South Korea's largest
Share
PANews2026/02/10 12:42