Bitcoin drops near $60,000, erases $2 trillion off global crypto market since Oct. 2024

Bitcoin price today

• Bitcoin fell over 10 percent in 24 hours, trading near $64,908 on February 6
• Crypto market lost $2 trillion since October, with major coins also declining
• Market decline driven by weak US labor data, ETF outflows, and risk sentiment

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Bitcoin extended its decline on February 6, entering one of its weakest stretches since October 2024. The world’s largest cryptocurrency fell just above $60,000, but recovered some gains to trade at $64,908 as of 8.35 am IST, though a decline of over 10 percent in the past 24 hours and nearly 22 percent in a week.

Investors remain cautious as the world's largest cryptocurrency has witnessed more than $2 trillion wiped off the global crypto market since its October 2024 peak.

"Bears remain in control of the crypto market. The recent decline was driven by softer US labour data and growing concerns around heavy capital spending in the AI sector, which weighed on broader risk sentiment. Continued ETF outflows and short-term holders moving nearly 60,000 BTC to exchanges have added to near-term selling pressure," said Akshat Siddhant, Lead quant analyst, Mudrex.

He continued, for long-term investors, this phase offers a favourable accumulation opportunity through disciplined, staggered buying. For traders, $55,500 remains a key support, while $70,000 stands as the immediate resistance.

Here's how the price of cryptocurrency moved in Febuary 6, as of 8:46 am IST.

Why is bitcoin down?

According to CoinSwitch Markets Desk, "The total crypto market cap fell over 10% in a single day, an unusual correlation that signals leverage unwinds and margin-driven selling. Markets saw sharp selling as risk appetite weakened, pointing to a broad liquidity squeeze rather than asset-specific stress. Bitcoin led declines, falling nearly 25% over seven days to around $62.5K, levels last seen in October 2024. Traditional safe havens also failed to hold, with gold down 4% and silver sliding 17%, highlighting forced de-risking across portfolios."

Here's what has happened in the last 24 hours, according to  Nischal Shetty, Founder of WazirX.

• Over the last 24 hours, global macro developments highlighted the environment in which crypto continues to operate rather than triggering sharp market reactions. Central banks in the UK and Europe holding rates with close votes and cautious language signal a system focused on stability and risk containment. This reinforces the broader context of monetary uncertainty that has shaped market behavior over the past few years.

• At the same time, governments' accelerating efforts to secure critical minerals point to a world where supply chains and resources are increasingly strategic. Economic decisions are now deeply intertwined with geopolitics, capital allocation, and long-term national priorities. This backdrop explains why markets remain selective and why capital tends to consolidate around assets seen as resilient during uncertain periods.

• The past day did not change the narrative but added further confirmation that global finance is operating in a cautious, transitional phase, with crypto remaining part of that evolving system.