New York, Feb 6, 2026, 10:07 EST — Regular session
- Bitcoin slipped 0.8% to $68,029, bouncing between $60,297 and $68,553 earlier.
- Strategy climbed 13.7%, while Coinbase gained 6.6% as risk appetite steadied
- Traders are watching ETF flows closely, with delayed U.S. payrolls data expected next week
Bitcoin dipped Friday, hovering close to $68,000 after briefly plunging toward $60,000. The sudden move sent shockwaves through crypto-linked stocks in early U.S. trading.
The rebound is significant as crypto has been moving like a high-beta spin-off of tech, and this week’s equity selloff pushed investors to trim crowded, leveraged bets across the board. Talk of “software-mageddon” and new concerns over the rising costs of the AI surge left traders on edge. 1
Data was scarce. The January U.S. jobs report got pushed back due to a government shutdown, leaving traders to rely on alternative indicators — like a report revealing layoffs by U.S. employers hit their highest point for the month in 17 years. 2
Bitcoin dropped roughly 0.8% to $68,029, after swinging between $68,553 and $60,297 earlier, based on LSEG data. Ether slid 2.1% to $1,972.
Thursday’s selloff stole the spotlight. Bitcoin dropped to its lowest since October 2024, with roughly $1 billion in positions liquidated over the past day, according to CoinGlass. These forced closures of leveraged bets tend to speed up declines. Some analysts blame the selling pressure on President Donald Trump’s choice of Kevin Warsh to head the Federal Reserve, suggesting markets are bracing for a smaller Fed balance sheet and tighter liquidity. 3
Despite Friday’s bounce, bitcoin is still recovering from its worst weekly skid since late 2022, with investors stepping back from risky bets following months of losses from the October peak. Chris Weston, head of research at Pepperstone, noted that “a lot of these big crowded positions are being unwound very, very quickly.” Deutsche Bank analysts reported that U.S. spot bitcoin ETFs faced over $3 billion in outflows in January, adding to heavy withdrawals seen in the previous two months. 4
U.S. stocks saw the biggest moves in firms viewed as leveraged proxies for bitcoin. Strategy Inc surged 13.7% to $121.62, and Coinbase climbed 6.6% to $155.78.
Strategy reported a larger quarterly loss this week after marking down its bitcoin holdings. The firm held 713,502 bitcoins as of Feb. 1, with a total cost basis of $54.26 billion—equating to $76,052 per bitcoin, according to a Reuters report. “The actions by big finance, the actions by the big banks and the actions by the financial regulators are the fundamentals,” Executive Chairman Michael Saylor said during the company’s post-earnings call. 5
Smaller “digital asset treasury” firms — public companies holding tokens on their balance sheets — have been shaky as bitcoin’s fall squeezes their funding and casts doubt on their strategy. “As Bitcoin continues its slide below the psychological barrier of $70,000, it’s clear the crypto market is now in full capitulation mode,” said Nic Puckrin, investment analyst and co-founder of Coin Bureau. 6
That said, the next move could go either way. Should tech stocks start selling off again or ETF outflows remain large, bitcoin’s bounce may unravel, pushing it back toward the $60,000 mark. Volatility is expected to remain elevated.
Data remains the next key trigger. The delayed January non-farm payrolls report lands Wednesday, with a Reuters poll forecasting a 70,000 jobs gain. Then, on Friday, the January U.S. consumer price index will follow. These releases could shift rate expectations—and with that, the appetite for crypto risk. 7
