The risk of a U.S. government shutdown triggers a sell-off, with Bitcoin falling below $70,000, and the crypto market faces further turmoil.
February 10 News, the cryptocurrency market came under further pressure, with the total market capitalization dropping about 2% in a single day. The main reason is the rising investor concern over a potential US government shutdown. The risk-averse sentiment in the market has intensified, leading to an accelerated outflow of funds from risk assets.
As a bellwether, Bitcoin fell about 2.4% on the day, fluctuating between $68,400 and $71,000, currently stabilizing around $69,400. Ethereum declined nearly 3%, barely holding the $2,000 level, with a cumulative decline of 12% over the past week. XRP, BNB, Solana, and Dogecoin also weakened, driving the overall market cap of cryptocurrencies back to approximately $2.44 trillion.