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

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

In the news, according to CCTV News, after several Middle East leaders urgently lobbied the Trump administration the same afternoon to drop the threat of withdrawing from the talks, the U.S.-Iran nuclear talks originally scheduled for the 6th were restored. The negotiations will be held in Oman. Earlier, the United States had rejected Iran’s proposal to change the originally planned meeting venue from Istanbul, Turkey, to Oman.

Fueled by a sell-off wave led by Bitcoin, major cryptocurrencies have continued to fall sharply. As of 7:10 a.m. Beijing time, Bitcoin is down nearly 4% to $72,646 per coin. SOL is down more than 7%, while ETH and XPR are down more than 4%. Over the past 24 hours, more than 140k people worldwide have been liquidated.

According to a report by Caixin Finance and Economics, Bitcoin has fallen to its lowest level since early November 2024, when U.S. President-elect Donald Trump won the election. During his campaign, Trump promised to promote development in the digital asset sector, at one point driving a surge in cryptocurrency prices.

Bitcoin’s crash has also prompted questions about whether it has the attributes of “digital gold.” Some believe cryptocurrencies are facing a “confidence crisis.” Pimco’s managing director, Pramod Davane, said that the narrative of Bitcoin as “digital gold” has weakened and that the price drop shows that cryptocurrencies “are not a currency revolution.” Many people in the crypto community have already cooled down their expectations for crypto trends in 2026.

(Editor: Wenjing)

Keywords:

                                                            Cryptocurrency
                                                            Bitcoin