The crypto market suffered a sharp, broad-based sell-off on February 6, with Bitcoin briefly slipping below the $60,000 mark as the entire crypto market cap slipped around 9%. According to SoSoValue data, most crypto assets fell between 7% and 14% over the past 24 hours, led by the PayFi sector’s nearly 14% decline. Ethereum is down over 10%, trading at $1,880. The downturn triggered massive liquidations across derivatives markets, wiping out $2.71 billion in positions, more than $2.28 billion from long bets alone, while analysts said Bitcoin’s single-day realized losses hit $3.2 billion, exceeding those seen during black swan events such as the Luna collapse and the FTX bankruptcy.
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