Bitcoin returns to $70,000, Ethereum plunges 11.8% in 24 hours
On February 1, the cryptocurrency market experienced a new round of severe adjustments
Bitcoin returned to the $70,000 range after 296 days, currently priced at $79,004, hitting a new low since April 11, 2025
Ethereum plunged 11.8% in 24 hours, reaching $2,370. SOL fell below $100, and BNB dropped below the $800 mark. The total market capitalization evaporated by 5.7% within the day, currently reported at $2.738 trillion
Altcoins suffered even greater losses: SSV fell 20.7% to $3.63, ORDI dropped 20.04% to $2.96, and GIGGLE, BERA, XPL, and others all saw declines exceeding 18%. The sector is under comprehensive pressure, and market panic is rapidly spreading
This waterfall decline has continued the adjustment pressure since the second half of 2025
At the beginning of the year, the market rapidly surged driven by optimistic sentiment, but the accumulation of high leverage at elevated levels, tightening macro liquidity, and a shift in risk preference led to an accelerated exit of funds
High-beta altcoins collapsed first, followed by mainstream coins, revealing typical bear market characteristics
In the short term, the market may continue to explore the bottom, focusing on whether Bitcoin can hold the psychological level of $70,000
If it fails to hold, there may be further declines towards the low point range of 2025. Long-term investors need to remain patient; while such significant pullbacks are painful, they are often a necessary phase of cyclical turnover
Risk Warning: Current volatility is extreme, do not blindly try to catch the bottom
$BTC
