Bitcoin plunged more than 10% to its lowest level since October 2024, effectively giving back nearly all of the gains it had accumulated thanks to the so-called “pro-crypto president effect.”
According to ABC News on February 6 (local time), Bitcoin (BTC) fell to around $66,100 intraday that afternoon, marking a daily drop of over 10%. This is the lowest level since October last year and about 48% below the all-time high of roughly $126,210 recorded four months ago in October 2025.
The decline is an extension of the sharp correction that has continued since last week. On the same day, Ethereum (ETH) fell about 10% and Solana (SOL) dropped roughly 11%, spreading selling pressure across major altcoins. Analysts say that forced liquidations by leveraged investors amplified the initial decline, which was then compounded by fear-driven selling that intensified downward pressure.
Experts point to geopolitical and macroeconomic uncertainty as key factors behind the recent price adjustment. With signs of a cooling labor market and inflation remaining above the U.S. Federal Reserve’s 2% target, concerns have resurfaced that tight monetary conditions may persist longer than expected. Combined with the Russia–Ukraine war, tensions in the Middle East and South America, and the potential for U.S. tariff pressure, investor risk aversion spread across risk assets.
Following Donald Trump’s election victory, Bitcoin surged more than 40% over several weeks on expectations of policy benefits. However, the market has recently shifted back to reflecting reality. While Trump pledged during the campaign to make the United States the “crypto capital of the world” and mentioned the idea of a federal Bitcoin strategic reserve, analysts say short-term price movements are being driven more by macroeconomic conditions.
Still, opinions remain divided on the long-term trend. Since its launch, Bitcoin has experienced extreme volatility over the past 15 years, including a drop of more than 60% in 2022. Even so, its cumulative gain over the past five years stands at 63%, similar to the S&P 500’s 75% rise over the same period. Experts note that while sharp short-term declines may continue, it is too early to say the broader structural growth story has been undermined.
According to CoinMarketCap, Bitcoin is trading at $65,380 as of the time of reporting.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for losses incurred based on this information. The content should be interpreted solely for informational purposes.*
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