According to CoinGecko data, the total crypto market value has fallen by $467.6 billion since January 29.
Bitcoin fell on Tuesday to the lowest level since US President Donald Trump was re-elected in early November 2024 and ushered in a more crypto-friendly government.
The native cryptocurrency, which hit a 15-month low of $72,877 in the U.S., regained some ground in Asia on Wednesday, trading at $76,200 at 10 a.m. in Singapore. This year, the stock is down 13 percent and down 39 percent from its Oct. 6 peak above $126,000.
“Morning sentiment in Asia is cautious and defensive. The mood is still risky, but the pace of forced selling has slowed compared to the close in the US,” said Rachael Lucas, analyst at BTC Markets. Still, “Bitcoin pressures below $73,000 have sent sentiment into extreme fear,” she said.
The declines follow a volatile week in global markets, which also saw sharp swings in gold and silver. While precious metals found buyers on Tuesday after recent losses, cryptocurrencies failed to gain support. Bitcoin and US stocks fell as rising tensions between the US and Iran prompted investors to seek safe assets.
Bitcoin’s plunge casts doubt on whether it functions as a kind of “digital gold,” as it has failed to function as a safe haven during a period of heightened geopolitical uncertainty. Investor Michael Burry warned this week that Bitcoin has been exposed as a purely speculative asset, failing to establish itself as a hedge on par with precious metals.
Historically, there has been a “tremendous amount” of almost religious belief in holding on to Bitcoin no matter what, Galaxy Digital LP CEO Michael Novogratz said during an earnings call. “And somehow that virus or that fever broke, and you started seeing some sales.”
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Published on February 4, 2026
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