The crypto market is in turmoil: Bitcoin has hit a new low
6 February 09:32
On Friday, February 6, the Bitcoin exchange rate reached a 16-month low and fell to $60,000, although it recovered slightly at the end of trading.
This was reported by "Komersant Ukrainian" with reference to Reuters.
The world’s largest cryptocurrency rose 1.64% to $64,153.24 at the end of trading, although it reached a low of $60,008.52 during the session. This is the lowest figure since October 2024.
Ethereum rose 2.4% to $1,891.27 at the end of trading, falling to a 10-month low of $1,751.94 during trading.
CoinGecko data showed that the global cryptocurrency market has lost about $2 trillion in value since peaking at $4.379 trillion in early October, with more than $1 trillion lost in the last month alone.
Bitcoin thus fell 16% in a week, bringing its decline since the beginning of the year to 27%. Ether fell 17% in a week, with its losses since the beginning of the year reaching 36%.
The cryptocurrency exchange rate has been significantly affected by recent sales of precious metals and stocks. Gold and silver, for example, have become more volatile as a result of leveraged buying and speculative flows.
For some time, the fate of Bitcoin was linked to the broader technology sector. The price tended to rise, especially amid investor enthusiasm for artificial intelligence.
” Bitcoin’s return to $60,000 is not the death of cryptocurrency, it is a bill that must be paid by treasury bonds and funds that viewed Bitcoin as a one-sided asset with no real risk control,” said Joshua Chu, co-chairman of the Hong Kong Web3 Association.
According to him, cryptocurrencies have been struggling in recent months after a record crash in October last year. This has led to a cooling of investor sentiment towards digital assets.
