Summary of news from February 7: The core dynamics of the Web3 industry and cryptocurrency market today are: After experiencing a sharp decline the previous day (February 6), the price of Bitcoin has rebounded strongly, while Chinese regulatory authorities have reiterated their stance on the regulation of virtual currencies. Here are the key news highlights for today:
📈 Market Dynamics
· Bitcoin Strong Rebound: The price of Bitcoin (BTC) has returned above $70,000 today, peaking at $71,469, with a maximum daily increase of over 13%, nearly recovering all the losses from the crash on February 6 (which saw a drop of over 13%). The current price is around $70,000.
· Mainstream tokens generally rise: Ethereum (ETH) and Solana (SOL) rose about 9%, with XRP increasing by over 30%.
· Market liquidation data: In the past 24 hours, the total liquidation amount in the cryptocurrency market reached $1.662 billion, with long positions accounting for about 76%.
⚖️ Regulation and policy
· Eight departments in China release risk notice: The People's Bank of China and seven other departments issued a notice (on further preventing and addressing risks related to virtual currencies, etc.) (Yin Fa [2026] No. 42), reiterating that virtual currencies do not have the same legal status as fiat currencies. The date of the related notice is February 6.
🔄 Exchange and platform updates
· Coinbase streamlines derivatives: Coinbase announced that starting at 21:00 Beijing time on February 20, it will suspend trading on nearly 30 perpetual contracts (such as EDGE, AR, DYM, etc.) to focus resources on products with better liquidity.
· New asset launched on Coinbase: Coinbase will launch spot trading for Hyperliquid (HYPE).
💡 Industry news and insights
· Institutional market insights: Bitwise's Chief Investment Officer Matt Hougan believes that the current high anxiety in the market resembles the bottom characteristics of past cycles, which may indicate that the market is approaching a bottom.
· Project updates: High-performance blockchain project MegaETH announced that it will use the profits from its native stablecoin to repurchase MEGA tokens.
· DeFi sector data: Aave's founder stated that the protocol has liquidated over $450 million in collateral in the past seven days.
🔭 Follow-up attention
In the coming days and next week, several events may impact the market, you might want to pay attention to:
· Key economic data: On February 11, the U.S. will release January CPI data.
· Important industry meetings: Consensus Hong Kong will be held from February 10 to 12; the ETHDenver conference will be held from February 17 to 21.
· Large token unlock: Around February 18, projects like Sui and EigenLayer will have large-scale token unlocks, with a total value potentially exceeding $700 million.#何时抄底？ $BTC