This Sunday, February 1, Bitcoin plunges to $78,726, a drop of 6.4% on the day and 11.7% on the week. Ethereum follows suit, falling to $2,444 with a similar weekly decline. This bloody weekend marks one of the worst recent performances for the two leading cryptocurrencies. Trading volumes have exploded, a sign of panic or forced selling from leveraged traders.
The macroeconomic backdrop remains the primary driver of this decline. Concerns over a potential recession in the United States, combined with disappointing economic data, have pushed investors to flee volatile assets. Bitcoin, often touted as a safe haven, appears for now to be following the bearish trend of tech stocks. The loss of the $80,000 threshold is a strong signal, as it had been a major psychological support level for months.
This day illustrates the fragility of the cryptocurrency market in the face of external shocks. For short-term holders, the pain is real, with significant unrealized losses. However, institutional investors may see this drop as an opportunity to strengthen their positions at a discount. The question is whether the market will find a bottom before traditional markets reopen on Monday.
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