Breaking
Business
Bitcoin
Crashes To Around $60,000 As Historic Free Fall Worsens—Price Is Down Over 50%
In 4 Months
By Antonio Pequeño IV,Forbes Staff.
Pequeño is a breaking news reporter who covers tech and more.
Feb 05,
2026, 07:33pm EST
Topline
Bitcoin’s
deep losses accelerated Thursday as the cryptocurrency fell 17% to plummet to
around the $60,000 mark by the evening, continuing a historically bad stretch
for the world’s most valuable digital asset.
Key Facts
Bitcoin
fell below the $70,000 mark for the first time in over a year around 6:30 a.m.
EST, but losses worsened throughout the day.
The
losses pushed bitcoin below the $65,000 figure shortly after 3 p.m. EST, and it
was trading as low as around $60,256 at 7:21 p.m. EST, according to CoinGecko.
The price
had slightly recovered—to just over $61,000—as of just after 7:30 p.m. EST.
These
prices have not been recorded for the cryptocurrency since October 2024.
Bitcoin
has fallen more than 50% from its all-time high of $126,080, which was reached
just under four months ago, on Oct. 6, 2025.
Why Is
Bitcoin Falling?
Bitcoin
prices began faltering in mid-January amid geopolitical instability informed by
the U.S.’ capture of Venezuelan President Nicolas Maduro and President Donald
Trump’s threats to take control of Greenland. Investors scrambled for assets
with more security, sending gold and silver prices surging to historic highs.
Trump’s nomination of Kevin Warsh for chair of the Federal Reserve has also
contributed to the bitcoin falloff, according to experts, despite Warsh’s
positive view on the cryptocurrency. Deutsche Bank analysts Marion Laboure and
Camilla Siazon attributed the slide to “massive withdrawals from institutional
ETFs,” which are collections of diversified assets that can be invested and
sold quickly on a stock exchange. The bitcoin tumble also comes amid a tech
stock sell-off, which has sent the Nasdaq down 4.8% in the last week of
trading.
Tangent
Trading
platforms, the performance of which are largely linked to the state of
cryptocurrency, also felt the pain alongside bitcoin on Thursday. Robinhood
shares fell 10% on Thursday to $72.68 and are now down 36% on the year.
Coinbase shares, which started the year around the $236 mark, fell 13% on
Thursday to $146.12.
Key
Background
While the
ongoing crash worsens, bitcoin finds itself in a familiar stint of volatility
seen in years past. The cryptocurrency reached a then-high near $69,000 in
November 2021 and, over the course of the next year, tanked around 78% to below
$16,000. Bitcoin surged in 2025 following the election of Trump, who ran on a
pro-crypto platform the year prior. Trump established a government bitcoin
reserve in March and pulled back on cryptocurrency enforcement. Bitcoin’s fall
comes as Trump has championed an aggressive foreign policy backed by sweeping
tariffs and the threat of military intervention in countries like Colombia and
Greenland. The Trump administration has a framework agreement on Greenland, but
it is not clear whether that involves ownership the president is seeking, which
has threatened to break decades-long agreements the U.S. has with members of
the North Atlantic Treaty Organization.
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