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Over 140,000 traders liquidated as cryptocurrencies plunge over 14%
On February 5, gold and silver experienced a sharp rise. As of around 7:15 AM Beijing time, gold once again surpassed the $5000 mark, and silver also strengthened, with spot silver slightly up at $89.08 per ounce, and COMEX silver rising over 4%.
In terms of news, according to CCTV News, after several Middle Eastern leaders urgently lobbied the Trump administration to abandon the threat of withdrawing from negotiations that afternoon, the U.S.-Iran nuclear talks originally scheduled for the 6th were restored, and the negotiations will take place in Oman. The U.S. had previously rejected Iran’s proposal to move the originally planned meeting location from Istanbul, Turkey to Oman.
The sell-off led by Bitcoin accelerated, with major cryptocurrencies continuing to decline. As of 7:10 AM Beijing time, Bitcoin was down nearly 4% at $72,646 per coin, SOL plunged over 7%, and ETH and XRP dropped over 4%. In the last 24 hours, over 140,000 people globally have been liquidated.
According to Caixin, Bitcoin has fallen to its lowest level since former President Donald Trump won the election in early November 2024. Trump promised during his campaign to promote the development of the digital asset sector, which once drove cryptocurrency prices to soar.
The sharp decline in Bitcoin has also raised questions about whether it possesses the attributes of “digital gold.” Some believe that cryptocurrencies are facing a “crisis of confidence.” Pimco Managing Director Pramod Dawan stated that the narrative of Bitcoin as “digital gold” has weakened, and its price drop indicates that cryptocurrency is “not a monetary revolution.” Many in the crypto community have already cooled their expectations for crypto trends in 2026.
(Editor: Wenjing)
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