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Over 140k people liquidated as cryptocurrencies plunge over 14%.
On February 5, gold and silver surged sharply upward. As of around 7:15 Beijing time, gold has regained the $5,000 level. Silver also 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 Eastern leaders urgently lobbied the Trump administration to abandon the threat of withdrawing from negotiations on the afternoon of that day, the US-Iran nuclear talks originally scheduled for the 6th were able to resume, with the negotiations to be held in Oman. Earlier, the United States had rejected Iran’s proposal to change the originally planned meeting location from Istanbul, Turkey, to Oman.
Led by a sell-off in Bitcoin, the downturn accelerated, and major cryptocurrencies continued to fall. As of 7:10 Beijing time, Bitcoin was down nearly 4% to $72,646 per coin. SOL plunged by more than 7%, while ETH and XRP fell by more than 4%. In the past 24 hours alone, more than 140,000 people worldwide have been liquidated.
According to Cailian Press, 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 the development of the digital-asset sector, which once helped drive cryptocurrency prices to soar.
Bitcoin’s sharp plunge has also triggered questions about whether it has the attribute of “digital gold.” Some believe that cryptocurrencies are facing a “crisis of confidence.” Pimco’s managing director, Pramod Dhawan, said that the narrative of Bitcoin as “digital gold” has weakened, and its price decline shows that cryptocurrencies are “not a currency revolution.” Many people in the crypto community have already started to cool their expectations for crypto market trends in 2026.
(Editor: Wen Jing)
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