BlockBeats News, February 9 — The Financial Times published an article stating that Bitcoin may have experienced dozens of major crashes, hundreds of crypto companies may have gone bankrupt, and countless people may have lost their life savings. However, every time Bitcoin drops, it always rebounds. Those with the ability to hold on can persist, and each rebound reinforces the belief that the cryptocurrency they worship will always exist. Since its inception, Bitcoin has been on a path destined to end in a tragic conclusion.
This week, Bitcoin experienced its most severe crash since 2022, dropping to around $60,000 at one point, erasing all gains since Donald Trump’s re-election in 2024. From its peak of over $127,000 in October last year, it has fallen by more than half. According to data from Coinglass, approximately $1.25 billion worth of Bitcoin positions were forcibly liquidated within just 24 hours from Thursday to Friday.
The United States indeed has the closest leadership to a “Bitcoin President,” and its family has interests in crypto assets. However, even with the establishment of a “Strategic Bitcoin Reserve,” pardons for numerous convicted crypto criminals, allowing Americans to include crypto assets in 401(k) retirement accounts, and claiming to have ended former President Biden’s “Crypto War” within 200 days of taking office, Trump’s presence in the White House still couldn’t prevent selling pressure.
We may not have yet seen the final “death spiral” of Bitcoin; I also cannot predict when it will come. Judging the end of the speculative frenzy based solely on faith is very difficult. Bitcoin may still have several rebounds (as of writing, it has rebounded to about $70,000). But confidence is beginning to wane. People are starting to realize that an asset sustained purely by wishful thinking has no bottom value. Ask yourself: will this thing still exist after 100 years? Remember, “The real question is not how you fall, but how you land.”
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Swan Bitcoin seeks to subpoena Cantor Fitzgerald, ex-CEO in ex-staff dispute
Bitcoin financial services firm Swan Bitcoin has filed an ex parte application in moves to subpoena Cantor Fitzgerald and its former CEO, Howard Lutnick, seeking discovery tied to a failed mining venture involving former employees.
Swan sued several ex-staff in September 2024, alleging that they s
Cointelegraph5m ago
MICA Daily | Cryptocurrency Market Enters Bear Market, Are BTC Miners Still Selling?
Since the beginning of 2025, the miner supply ratio has continued to decline, indicating a decrease in the amount of BTC that miners are selling to Binance. However, BTC price has risen first and then fallen, reflecting that even with reduced selling pressure, prices can still decline. Miners face higher costs post-halving, with many operating at breakeven levels. The selling pressure from price weakness primarily comes from spot investors and macroeconomic risk factors.
区块客13m ago
Swan Bitcoin 申请传唤 Cantor Fitzgerald 及前 CEO，寻求矿业纠纷相关证据
Swan Bitcoin filed a subpoena in New York Federal Court against Cantor Fitzgerald and its former CEO, seeking key documents related to a failed mining joint venture project, based on allegations that a former employee stole confidential information and founded a competing company.
GateNews22m ago
Bitcoin Depot CEO Change: Multiple State Lawsuits Pending, Revenue Expected to Drop 40%
Bitcoin Depot announces that former MoneyGram CEO Alex Holmes has assumed the role of chief executive officer as the company faces enforcement pressure from multiple states. Holmes will focus on operational stability and regulatory reform, with revenue expected to decline 30% to 40% in 2026. Meanwhile, BTM stock has performed poorly, with cumulative losses exceeding 94%.
MarketWhisper33m ago
Here are 9 altcoins that have outperformed Bitcoin recently
Only 9 non-stablecoin tokens are near their all-time high (ATH) more than Bitcoin, indicating that most of the market's losses remain concentrated in other assets.
Currently, Bitcoin is still 43.26% below its ATH. At first glance, this figure seems like a reminder of an incomplete recovery process. However,
TapChiBitcoin35m ago
