Over 140,000 traders liquidated as cryptocurrencies plunge over 14%

On February 5, gold and silver surged straight up. As of around 7:15 a.m. Beijing time, gold has reclaimed the $5,000 level. Silver has strengthened in tandem. Spot silver is up slightly to $89.08 per ounce, and COMEX silver is up more than 4%.

On the news front, according to CCTV News, after multiple Middle East leaders urgently lobbied the Trump administration that afternoon to abandon the threat of exiting the negotiations, the Iran-U.S. nuclear talks scheduled for the 6th were able to resume. The talks will take place in Oman. Earlier, the United States had rejected Iran’s proposal to change the originally planned venue from Istanbul, Turkey, to Oman.

A selloff wave led by Bitcoin has accelerated, and major cryptocurrencies have continued to slide. As of 7:10 a.m. Beijing time, Bitcoin is down nearly 4% to $72,646 per coin. SOL is down more than 7%, and ETH and XPR are down over 4%. In the past 24 hours alone, more than 140k people worldwide have been liquidated.

According to Caixin/China Finance Network, Bitcoin has fallen to its lowest level since early November 2024, when U.S. President Donald Trump won the election. During his campaign, Trump promised to drive development in the digital asset sector, at one point pushing cryptocurrency prices sharply higher.

Bitcoin’s plunge has also sparked questions about whether it has the “digital gold” attribute. Some believe cryptocurrencies are facing a “confidence crisis.” Pramol Davan, managing director at Pimco, said the narrative of Bitcoin as “digital gold” has weakened, and the price decline shows that cryptocurrencies are “not a monetary revolution.” Many people in the crypto space have already started cooling their expectations for crypto trends in 2026.

(Editor: Wen Jing)

Keywords:

                                                            Cryptocurrency
                                                            Bitcoin