NEW YORK, Feb 9, 2026, 06:18 EST — Premarket
- Bitcoin dropped roughly 3% to $68,548, retreating from an earlier climb past $72,000.
- South Korea’s financial watchdog signaled plans for tougher crypto rules after Bithumb accidentally handed out over $40 billion in bitcoin.
- Delayed U.S. payrolls hit Wednesday, with inflation numbers due Friday—traders looking to both for signals on possible rate cuts.
Bitcoin dropped roughly 3% Monday, tumbling under $70,000 after losing momentum from an early rise. By 6:18 a.m. ET, the cryptocurrency was changing hands at $68,548, having swung between $68,439 and $72,024. Ether was off 4.3%, sitting at $2,021.
The shift comes just before a packed week of U.S. economic reports—now back in the spotlight for crypto traders as rate forecasts swing sharply. On deck: Wednesday brings the rescheduled January nonfarm payrolls numbers, while Friday features the January consumer price index, according to Reuters. Markets currently see June as the likely timing for the Fed’s first rate cut, Reuters noted. Fed officials are also set to speak Monday.
After bitcoin erased all its post-election progress, volatility hasn’t let up, and some in the market are calling it more vulnerable to swings than usual. Liquidity is thinner, too. Kaiko’s Thomas Probst pointed out that bitcoin’s average “1% market depth” — measuring liquidity near the going price — has fallen to about $5 million, down from north of $8 million last year. CoinShares research chief James Butterfill noted that heavy selling by “whales” (those with at least 10,000 bitcoin) is tapering off, but Jefferies analyst Andrew Moss isn’t seeing much to get excited about, saying there are “few bullish indicators.” Reuters
Regulators in Asia flagged a new operational risk this day: mistakes at the exchange level. South Korea’s Financial Supervisory Service revealed that Bithumb, a local exchange, mistakenly distributed over $40 billion worth of bitcoin to users as part of a promo, triggering a selloff on its platform. Nearly all—99.7%—of the 620,000 bitcoins mistakenly given out have been recovered, officials said, and customers who sold coins have a legal duty to return them. FSS chief Lee Chan-jin called it “structural problems” in virtual-asset systems and pushed for stronger rules as crypto edges further into mainstream finance. Reuters
Broader markets didn’t move in lockstep. After a rocky stretch, global equities paused for breath Monday as some investors scooped up battered names like bitcoin. Others stayed cautious, watching for U.S. macro data that could signal the Fed’s direction, according to Reuters.
Bitcoin traders right now are focused on liquidity, not headlines. With order books this thin, even a moderately large trade can jolt prices sharply—and the chaos tends to linger longer than many anticipate.
Still, there’s a risk hanging over the week. A robust payrolls number or a hotter-than-expected inflation figure might send bond yields climbing, reopening the “higher for longer” rate debate—a combination that’s typically drained appetite for speculative assets. The Bithumb episode, meanwhile, brought fresh scrutiny to market infrastructure and just how fast policy signals can flip into policy moves.
Coming up: the delayed U.S. January payrolls drop Wednesday (Feb. 11), then January CPI lands Friday (Feb. 13). Analysts are also watching for any fresh reaction to South Korea’s crackdown talk after the Bithumb incident.
