Friday, February 6, 2026, will go down in history as a dark day for cryptocurrencies. Bitcoin crashed to $62,854, a 14.1% drop in 24 hours, while Ethereum collapsed to $1,821, losing 15.4% on the day. Over a week, losses now reach 25.7% for BTC and 26.4% for ETH, levels rarely seen since the 2022 bear market.
This rout is explained by a combination of factors: cascading liquidations on futures markets, where billions of dollars in long positions were wiped out, and a flight to liquidity. Exchanges recorded record volumes, exceeding $80 billion in 24 hours, a sign of widespread panic. Institutional investors, often seen as stabilizers, appear to have reduced their exposure, amplifying the drop. The psychological $60,000 threshold for Bitcoin is now in sight.
The impact is immediate: total crypto market capitalization has shrunk by nearly $300 billion in two days. Exchanges report congestion, and stablecoins see their premium rise, indicating a demand for safe havens. For long-term holders, this is a stress test. If Bitcoin does not rebound quickly, market sentiment could shift into lasting pessimism, reminiscent of the 2021 corrections.
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