Crypto Markets Volatile, Bitcoin Loses Steam
Bitcoin remained near its weakest level since November 2024 in European trading on Wednesday (February 4th), after a major selling wave pushed the price to an intraday low of around $72,971. In the latest update, BTC was at $76,401, down around 2.9% from its previous close—indicating that the pressure has not completely dissipated despite a rebound attempt.
The main pressure came from the derivatives market: leveraged long positions were "burned" when the price dropped rapidly. CoinGlass data shows that approximately $740 million in bullish positions were liquidated in the last 24 hours—triggering a domino effect of margin calls and forced selling.
This correction also erased much of the euphoria following Trump's victory, which had previously boosted optimism about more friendly crypto regulations. At the same time, the market is again sensitive to uncertainty over US monetary policy, including the impact of Kevin Warsh's candidacy, which some market participants see as a factor that could tighten liquidity expectations. (The risk-off narrative was also aided by the "safe haven" movement in precious metals after US-Iran geopolitical tensions escalated.)
Altcoins also faltered, with sharper declines in several major names. Ethereum fell around 1.7% to $2,273, Solana weakened around 6.2% to $97.55, while XRP hovered around $1.61. Cardano, on the other hand, was seen strengthening slightly to $0.301, and Dogecoin held steady at around $0.108—illustrating a market that remains volatile and heavily headline-driven.
Source: Newsmaker.id
