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 strengthened in tandem. Spot silver was up slightly, trading at $89.08 per ounce, and COMEX silver rose more than 4%.

According to a report by CCTV News, after several Middle East leaders urgently lobbied the Trump administration that afternoon to abandon the threat of withdrawing from the talks, the U.S.-Iran nuclear negotiations originally scheduled for the 6th were able to resume. The talks will be held in Oman. Earlier, the United States had rejected Iran’s proposal to move the planned meeting location from Istanbul, Turkey to Oman.

The sell-off wave led by Bitcoin accelerated, and major cryptocurrencies continued to slide. As of 7:10 a.m. Beijing time, Bitcoin was down nearly 4% to $72,646 per coin; SOL plunged more than 7%, and ETH and XPR fell more than 4%. In the past 24 hours, more than 140,000 people worldwide were liquidated.

According to a report by Caixin Global, 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 promote development in the digital asset sector and at one point drove a surge in cryptocurrency prices.

Bitcoin’s plunge has also sparked questions about whether it has “digital gold” attributes. Some believe that cryptocurrencies are facing a “confidence crisis.” Pimco’s Managing Director Pramod Dawen said that the narrative of Bitcoin as “digital gold” has weakened, and that the drop in its price shows that cryptocurrencies “are not a currency revolution.” Many people in the crypto space have already started to cool their expectations for crypto trends in 2026.

(Editor: Wen Jing)

Keywords:

                                                            Cryptocurrency
                                                            Bitcoin