Bitcoin (BTC) fell below $75,000 over the past 24 hours as of February 2, briefly touching lows around $74,700 on some exchanges amid a sharp sell-off across the crypto market.
It has since rebounded, trading near $76,600, but the drop triggered more than $797 million in liquidations of leveraged positions and underscored persistent bearish pressure in the market.
Weekend Sell-Off Sparks Bitcoin Drop
The move unfolded during thin weekend trading, when lower liquidity amplified price volatility.
Sponsored
Bitcoin broke below the key $82,500 support level, setting off a cascade of liquidations in leveraged long positions and sparking a broader deleveraging wave. Nearly $800 million in leveraged positions were liquidated over the past 24 hours, the overwhelming majority of them longs, according to CoinGlass data.
Momentum indicators also turned bearish, with Bitcoin revisiting price levels not seen since April 2025.
Over the past 24 hours, the total crypto market capitalization fell 2.6% to $2.57 trillion, according to CoinMarketCap.
All major cryptocurrencies posted losses, with some of the steepest declines seen in Monero (-9.9%), Pump.fun (-8.78%), Kaspa (-7.7%), and Ethereum (-7.4%).
Macro Shocks and Market Fear Drive Decline
The sell-off reflects a mix of macroeconomic, geopolitical, and crypto-specific factors. Markets reacted negatively to US President Donald Trump’s nomination of Kevin Warsh as Federal Reserve Chair, a move that also pushed gold and silver sharply lower on Friday.
Warsh is widely viewed as a monetary policy hawk, favoring tighter financial conditions, higher real interest rates, and reduced liquidity, an outlook that typically pressures risk assets such as Bitcoin.
Fears of less “easy money” and a stronger US dollar fueled broader risk-off positioning, accelerating crypto market sell-offs.
Geopolitical tensions added further pressure, with reports of an explosion at Iran’s Bandar Abbas port raising concerns about potential U.S.–Iran escalation and reinforcing a broader risk-off environment.
Check out DailyCoin’s popular crypto news today:
Hedera’s U.S. Government Inroads Put HBAR in a Different League
DePIN Hits $10B: Revenue Surges While Tokens Struggle
People Also Ask:
Bitcoin dropped due to a mix of macro factors, market sentiment, and thin weekend liquidity, including reactions to Federal Reserve news and broader risk-off positioning.
Leveraged liquidation happens when traders borrow funds to increase position size. If the price moves against them, positions are automatically closed, causing losses and amplifying market swings.
“Risk-off” describes market conditions where investors sell riskier assets like crypto in favor of safer assets, often triggered by uncertainty in the economy or geopolitics.
Using risk management, avoiding excessive leverage, and monitoring macro signals are key to reducing exposure during sudden sell-offs.
