Bitcoin Market Devastated by Retail Panic Selling, Warning Signs of Drop to Low $60,000s
Bitcoin Market Devastated by Retail Panic Selling, Warning Signs of Drop to Low $60,000s
As Bitcoin (BTC) fell below the $67,000 level and reversed into a downward trend, a massive wave of sell-offs swept across the altcoin market, pushing the broader cryptocurrency market deeper into bearish territory.
On February 11 (local time), according to crypto media outlet CryptoPotato, Bitcoin dropped more than 3% over the past 24 hours, sliding to the $66,000 range. Bitcoin had surged to an intraday high of $69,954 in an attempt to break through $70,000, but ahead of the U.S. nonfarm payrolls report, expectations for a rate cut weakened, triggering a sharp decline to as low as $66,561. Bitcoin’s market capitalization fell below $1.3 trillion, while its market dominance over altcoins remained steady at around 54%.
The situation in the altcoin market is even more severe. Ethereum (ETH) fell more than 3% in a single day, breaking below the $2,000 support level and trading around $1,945. Major assets such as Solana (SOL) and Cardano (ADA) also posted losses of 4% to 5%, significantly dampening investor sentiment. In particular, Ethereum is showing signs of structural weakness as total value locked in its decentralized finance ecosystem has sharply declined, heightening concerns over further downside.
XRP has also been unable to withstand the broader market pressure and continues to struggle. Although XRP recently appeared stable near the $1.45 level, it fell nearly 4% as widespread sell-offs intensified, putting its support level at risk. XRP holders are recording historically large realized losses amid the recent price decline, and growing investor fear is accelerating selling pressure in a pattern resembling panic selling.
The dominant factor behind this downturn is the view that the strength of the U.S. labor market could prolong the Federal Reserve’s tightening stance. Wall Street economists forecast that January nonfarm payrolls will show an increase of 70,000 jobs, exceeding expectations and providing strong justification for delaying potential rate cuts. Such monetary policy uncertainty has deepened risk aversion toward assets like cryptocurrencies, while the U.S. dollar index climbed to a six-month high of 96.61, further fueling price declines.
Approximately $9 billion in liquidations have occurred across the cryptocurrency market, and the share of stablecoins has surpassed 10%. Industry heavyweights such as Binance founder Changpeng Zhao and MicroStrategy Chairman Michael Saylor are encouraging investors to hold or accumulate rather than sell, stepping in to support market sentiment. Investors are advised to remain cautious amid short-term volatility, closely monitor whether Bitcoin can stabilize above the $66,000 level, and adjust their strategies based on the actual upcoming employment data.
Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on this information. The content should be interpreted solely for informational purposes.
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