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Over 140,000 traders liquidated as cryptocurrencies plunge over 14%
On February 5, gold and silver saw a sharp surge. As of around 7:15 a.m. Beijing time, gold has reclaimed the $5,000 level; silver has moved higher in tandem. Spot silver is up slightly at $89.08 per ounce, and COMEX silver is up more than 4%.
In terms of news, according to CCTV News, after multiple Middle East leaders urgently lobbied the Trump administration that afternoon to abandon threats to withdraw from the talks, the U.S.-Iran nuclear negotiations that were originally scheduled for the 6th were restored. The negotiations will be held in Oman. Earlier, the U.S. had rejected Iran’s proposal to move the originally planned meeting location from Istanbul, Turkey to Oman.
The sell-off wave led by Bitcoin has accelerated. Major cryptocurrencies have continued to fall. As of 7:10 a.m. Beijing time, Bitcoin is down nearly 4% to $72,646 per coin. SOL is down more than 7%, and ETH and XPR are down more than 4%. In the past 24 hours alone, more than 140,000 people worldwide have been liquidated.
According to Caixin (China Financial News), Bitcoin has fallen to its lowest level since early November 2024, when U.S. President Donald Trump won the election. During his campaign, Trump promised to promote development in the digital asset sector, which at one point helped drive a spike in cryptocurrency prices.
Bitcoin’s plunge has also sparked questions about whether it has the “digital gold” attribute. Some people believe cryptocurrencies are facing a “confidence crisis.” Plamore Davan, Managing Director at Pimco, said the “digital gold” narrative around Bitcoin has weakened; its price decline shows that cryptocurrencies are “not a currency revolution.” Many people in the crypto space have already cooled their expectations for crypto market performance in 2026.
(Editor: Wen Jing)
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