A quick read of the cryptocurrency market scene | February 6, 2026
The cryptocurrency market is experiencing a sharp decline accompanied by widespread panic selling, according to CoinGecko data, where most of the market has dropped collectively.
Bitcoin (BTC):
Broke the psychological support level at $70,000
Currently trading between $63,000 – $65,000
A decline of nearly 50% from the all-time high recorded in October 2025
Altcoins:
ETH: Below $2,000
SOL: A drop of nearly 20% in 24 hours
Most major currencies are recording losses between 10% – 18%
Reasons for the decline:
Fears of tightening U.S. monetary policy after Kevin Warsh's nomination to head the Federal Reserve
Release of U.S. job data and increased volatility
A wave of liquidations in the leveraged market
Technical outlook:
The next main support for Bitcoin is at $60,000
Breaking this level could push the price towards $50,000
The market is currently in an Extreme Fear zone
Total market capitalization:
Dropped to about $2.31 trillion (-7%), reflecting a clear outflow of liquidity from high-risk assets.
Conclusion
Current movements reflect a direct interaction between global economic pressures and panic behavior in the markets, and not just a short-term price correction.
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