Bitcoin fell below $70,000 on February 5, 2026—the lowest in 15 months—down 44% from its October record high above $126,000 and 20% year-to-date. Despite being promoted as “digital gold,” it failed as a safe haven in a risk-off market, while gold surged 24% to over $5,500 per ounce amid geopolitical tensions (Trump threats on Iran, Venezuela, tariffs on Europe/Canada/South Korea) and AI-driven tech stock plunges. Key drivers include CNN Fear & Greed Index in “fear” territory, elevated VIX, and loss of the entire “Trump bump” from his 2024 win and pro-crypto promises. Treasury Secretary Scott Bessent testified the Treasury lacks authority to stabilize crypto markets. Bitcoin’s history includes sharp drops like 74% in 2018, yet recoveries typically occur within 1.5 years.
Source: CNN Business

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