The crypto market sell-off spilled over into a new week as bitcoin slipped to $74,532, its lowest since November 2024. The plunge dragged bitcoin’s market capitalization just under $1.5 trillion and left it nearly 16% lower than its Jan. 2 value of approximately $89,500. In fact, since its Jan. 14 peak of just over $97,500, bitcoin has tumbled by approximately 23%, underlining the depth of its reversal and a shift in investor perception.

As was the case last week, bitcoin’s decline mirrored that of global equity indices, which opened lower across Asia. South Korea’s Kospi led the region with a 4% decline, while Hong Kong’s Hang Seng dropped 2.08%. Japan’s Nikkei fell a marginal 0.49%, while India’s Sensex/Nifty was up 0.3% in early trade after experiencing a 1.9% crash 24 hours earlier.

The story was similar for precious metals. Gold, which peaked just under $6,000 per ounce on Jan. 29, plunged by nearly 7% and was trading around $4,560 at the time of writing (1:05 a.m. EST). Silver was trading around $75 per ounce, a decline of approximately 11%. Some analysts attributed the decline in gold and silver—described as the steepest since 1980—to the nomination of Kevin Warsh, a vocal strong-dollar advocate, as the chairman of the U.S. Federal Reserve.

Read more: Resistance Everywhere, Relief Nowhere: Bitcoin’s Rollercoaster Ride Continues

The sell-off also extended to altcoins, many of which saw 24-hour losses exceeding 5%. Ethereum ( ETH), which also saw steep losses the previous week, briefly plunged to $2,172 before recovering and consolidating around $2,200. Despite the slight recovery, ETH remained nearly 10% lower than its price 24 hours earlier.

XRP plunged to $1.55, a 7.2% decline in 24 hours, while solana fell 6.4%, slipping below $100 for the first time since Feb. 8, 2024. The trend held across most altcoins, with many seeing losses between 5% and 10%. Consequently, the broader crypto market capitalization hovered around $2.61 trillion, a decline of 4.2% in 24 hours.

• Why is the crypto market crashing today? The current sell-off is driven by a shift in investor sentiment following the nomination of Kevin Warsh as U.S. Federal Reserve chairman.
• How much has bitcoin dropped in February 2026? Bitcoin has slipped to $74,532, its lowest level since November 2024, representing a 14% loss in the past week and a nearly 16% drop since the start of the year.
• What is causing the sudden plunge in gold and silver prices? Precious metals are seeing their steepest declines since 1980 as markets react to a “strong-dollar” advocate heading the Fed, with gold falling 7% to approximately $4,560 per ounce.
• How are altcoins like ethereum and solana performing during the sell-off? The broader altcoin market has faced heavy losses, with ethereum consolidating near $2,200 and solana dropping below $100 for the first time in nearly two years.

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