{"id":889730,"date":"2026-02-02T23:11:56","date_gmt":"2026-02-03T05:11:56","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/02\/02\/why-is-crypto-down-today-february-2-2026\/"},"modified":"2026-02-02T23:11:56","modified_gmt":"2026-02-03T05:11:56","slug":"why-is-crypto-down-today-february-2-2026","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/02\/02\/why-is-crypto-down-today-february-2-2026\/","title":{"rendered":"Why Is Crypto Down Today? \u2013 February 2, 2026"},"content":{"rendered":"
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Journalist<\/p>\n

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Sead Fadilpa\u0161i\u0107<\/p>\n

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Journalist<\/p>\n

Sead Fadilpa\u0161i\u0107<\/span>\"Verified\"<\/span>\n <\/p>\n<\/p><\/div>\n

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Part of the Team Since<\/p>\n

Jan 2018<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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About Author<\/p>\n

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served…<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n

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Last updated:\u00a0<\/p>\n

\"Why<\/p>\n

The crypto market is down today again. It started the week by falling 2.9% over the past 24 hours and pulling back to $2.65 trillion. Moreover, 91 of the top 100 coins saw their prices decrease in this period. The total crypto trading volume stands at $199 billion, a similar level seen in the previous days.<\/p>\n

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TLDR:<\/b><\/p>\n

  • Crypto market cap is down 2.9% on Monday morning (UTC);\n<\/li>\n
  • 91 of the top 100 coins and all top 10 coins have gone down;\n<\/li>\n
  • BTC decreased by 2.1% to $76,472, and ETH fell 7.2% to $2,225;\n<\/li>\n
  • \u2018From an Elliott Wave perspective, the market is playing out as expected\u2019;\n<\/li>\n
  • Wave V is unlikely to start until Q2 of this year;\n<\/li>\n
  • \u2018Nomination of Kevin Warsh as the Fed Chair and a hotter-than-expected PPI triggered a hawkish shock\u2019;\n<\/li>\n
  • Strategy faces an unrealized loss of over $900 million;\n<\/li>\n
  • US spot BTC and ETH ETFs saw outflows of $509.7 million and $252.87 million, respectively;\n<\/li>\n
  • Typical ETF buyer is now underwater;\n<\/li>\n
  • Crypto market sentiment plunges into the extreme fear zone.\n<\/li>\n<\/div>\n

    Crypto Winners & Losers<\/h2>\n

    The week, and the month for that matter, began in the red. On Monday morning (UTC), all top 10 coins per market capitalisation have seen their prices drop.<\/p>\n

    Bitcoin (BTC)<\/strong><\/a> fell by 2.1%, currently trading at $76,472.<\/p>\n

    Ethereum (ETH)<\/strong><\/a> is down 7.2%, changing hands at $2,225. This is the second-highest drop in the category.<\/p>\n

    The fall is 7.7% by Lido Staked Ether (STETH)<\/strong><\/a>, currently standing at $2,224.<\/p>\n

    XRP (XRP)<\/strong><\/a> is next, with a 4.3% drop, now trading at $1.58.<\/p>\n

    On the other hand, the smallest decrease among the top 10 is 1.3% by Tron (TRX)<\/strong><\/a>, changing hands at $0.2829<\/p>\n

    Dogecoin (DOGE)\u2019s<\/a><\/strong> 1.5% to $0.1032 is next, followed by BTC.<\/p>\n

    Furthermore, of the top 100 coins per market cap, 91 have posted price decreases today.<\/p>\n

    Of these, one saw a double increase. MYX Finance (MYX)<\/a><\/strong> is up 12.8% to the price of $5.7.<\/p>\n

    MemeCore (M)<\/a><\/strong> appreciated 7%, trading at $1.33, while the rest of the green list is up 4% and less.<\/p>\n

    As for the red list, Monero (XMR)<\/a><\/strong> fell 8.7% to the price of $396, followed by Kelp DAO Restaked (ETH RSETH)\u2019s<\/a><\/strong> 8.1% drop to $2,376<\/p>\n

    <\/a>\u2018The Market is Playing Out as Expected\u2019<\/h2>\n

    John Glover, Chief Investment Officer of Ledn<\/strong>, argued that a sense of panic had entered the BTC market last week as the coin fell below $84,000. The market hadn\u2019t closed below this price since April 2025, Glover noted. <\/p>\n

    And yet, from an Elliott Wave perspective, the market is playing out as expected.<\/p>\n

    \u201cWe remain in Wave IV and look for this to complete somewhere between $71,000 and $84,000.\u201d He adds: \u201cLooking to accumulate BTC between these prices after having closed long positions at $117,000 once the Wave III top formed at $124,000.\u201d<\/p>\n

    Moreover, Glover doesn\u2019t see Wave V beginning until the second quarter of this year. Once it does start, his target will be $140,000 to $165,000, he said. <\/p>\n

    \u201cI\u2019ll be better able to reduce this range once we know where Wave IV completes. This count will be proven wrong if we close below $67,000 this year,\u201d the CIO concluded.<\/p>\n

    Source: Ledn<\/figcaption><\/figure>\n

    Closing the week, Glassnode <\/strong>analysts noted that the latest news from the US (which had come out by Friday) pulled crypto down.<\/p>\n

    More specifically, the nomination of Kevin Warsh as the new Federal Reserve Chair<\/a> and \u201ca hotter-than-expected PPI triggered a hawkish shock,\u201d the analysts said.<\/p>\n

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    The nomination of Kevin Warsh as Fed Chair and a hotter-than-expected PPI triggered a hawkish shock, pushing commodities and crypto lower.<\/p>\n

    Here\u2019s what BTC options data says about positioning, volatility, and sentiment beneath the move. pic.twitter.com\/Mn2YKRGoTf<\/a><\/p>\n<\/div>\n

    \u2014 glassnode (@glassnode) January 30, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

    <\/a>Levels & Events to Watch Next<\/h2>\n

    At the time of writing on Monday morning, BTC was changing hands at $76,472. It has been a relatively calm day for the coin by the time of writing. It slowly decreased from the intraday high of $79,049 to the day\u2019s low of $74,591.<\/p>\n

    Over the past week, ETH dropped 13%, trading within the $75,442\u2013$90,117 range. It also fell 15% in the past 30 days and just below 40% from its all-time high of $126,080, recorded in October 2025.<\/p>\n

    Further decreases could see BTC\u2019s price pull to $72,400, followed by the $70,100 and $68,000 zones.<\/p>\n

    Bitcoin Price Chart. Source: TradingView<\/figcaption><\/figure>\n

    At the same time, Ethereum was trading at $2,225. Its highest point was $2,432, seen at the beginning of this day. It gradually fell to the intraday low of $2,166, recovering somewhat since then.<\/p>\n

    Moreover, ETH decreased by 28.2% over the past month. It is also down 55% from the ATH of $4,946, posted five months ago.<\/p>\n

    Should ETH drop further, it will find itself below the $2,000 level, which would mark a significant shift. It may pull back to the $1,900 and $1,850 levels.<\/p>\n

    Meanwhile, over the weekend, the crypto market sentiment posted a major decrease, exiting the fear zone and plunging lower.<\/p>\n

    The crypto fear and greed index today stands at 18<\/a>, compared to 28 on Friday and 26 on Saturday. With this move, it has entered the extreme fear zone.<\/p>\n

    This move showcases the significant worry permeating through the markets. It also highlights heightened risk avoidance among market participants. It\u2019s currently unclear if the index will be able to pull upwards this week to any notable level.<\/p>\n

    Source: CoinMarketCap<\/figcaption><\/figure>\n

    ETFs Continue the Red Streak<\/h3>\n

    The US BTC spot exchange-traded funds (ETFs) closed last week and month with another high outflow level. They recorded $509.7 million<\/a> in negative flows on Friday, 30 January. With that, the total net inflow dropped to $55.01 billion.<\/p>\n

    Of the twelve ETFs, one is red, while three are green. Yet the three\u2019s collective inflow wasn\u2019t enough to turn the category green for the day.<\/p>\n

    Ark & 21Shares<\/strong> took in $8.34 million, followed by Fidelity\u2019s<\/strong> $7.3 million and VanEck\u2019s<\/strong> $2.96 million in inflows. However, BlackRock<\/strong> posted $528.3 million in outflows.<\/p>\n

    Source: SoSoValue<\/figcaption><\/figure>\n

    Moreover, the US ETH ETFs also posted inflows during the Friday session, higher than those recorded on Thursday, letting go of $252.87 million<\/a>. The total net inflow fell below $12 billion and now stands at $11.97 billion.<\/p>\n

    Of the nine ETH ETFs, two saw outflows, and none recorded inflows. BlackRock<\/strong> is at the top of this short, red list with outflows of $157.16 million. Fidelity<\/strong> follows with $95.71 million in negative flows.<\/p>\n

    Source: SoSoValue<\/figcaption><\/figure>\n

    Meanwhile, Michael Saylor\u2019s Strategy<\/strong> has seen its Bitcoin stack turn unprofitable<\/a> after BTC fell below the $76,000 level. This means that the price dropped below Strategy\u2019s average holding cost of $76,037 per coin.<\/p>\n

    Therefore, given that it holds 712,647 BTC, the company faces an unrealised loss of over $900 million. Nonetheless, it seems it will not be slowing down with its accumulation plan.<\/p>\n

    <\/figure>\n

    Moreover, Bitcoin falling below the average cost basis of US spot Bitcoin ETFs left the typical ETF buyer underwater<\/a>.<\/p>\n

    <\/a>Quick FAQ<\/h2>\n
      \n
    1. Did crypto move with stocks today?<\/strong><\/li>\n<\/ol>\n

      The crypto market saw a notable decrease over the past 24 hours. Meanwhile, the US stock market closed the Friday session lower. By the end of trading on 30 January, the S&P 500<\/strong> was down 0.43%, the Nasdaq-100<\/strong> decreased by 1.28%, and the Dow Jones Industrial Average<\/strong> fell by 0.36%. Nonetheless, the S&P 500 and the Dow ended January in the green. Market participants were digesting the December Producer Price Index report, as well as the US President\u2019s Federal Reserve chair announcement.<\/p>\n

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      1. Is this drop sustainable?<\/strong><\/li>\n<\/ol>\n

        The decreases are likely to continue in the short term. Market participants are searching for signals that would indicate how long the decline will last and what awaits in the mid to longer term. Moreover, they\u2019re waiting to see if we\u2019ll be entering the bear market soon.<\/p>\n

        \n <\/p>\n
        \n

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        \nThe cryptocurrency market remained under pressure over the past 24 hours, extending its broader downtrend even as losses narrowed slightly. Ethereum led the decline among major assets, falling more than 7% and slipping below the $2,300 level, while Bitcoin shed over 3% to briefly trade under $75,000. Most market sectors posted losses, reflecting weak risk appetite across the board. Layer 2, Layer 1, DeFi, CeFi, Meme, and PayFi sectors all declined, though select tokens such as zkSync, MYX…<\/p>\n<\/p><\/div>\n

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        \n Blythe Block<\/p>\n","protected":false},"excerpt":{"rendered":"

        Journalist Sead Fadilpa\u0161i\u0107 Journalist Sead Fadilpa\u0161i\u0107 Part of the Team Since Jan 2018 About Author Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served… Last updated:\u00a0 February 2, 2026 The crypto market is down<\/p>\n","protected":false},"author":1,"featured_media":889731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22791,695],"tags":[],"class_list":{"0":"post-889730","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto","8":"category-today"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/889730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=889730"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/889730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/889731"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=889730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=889730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=889730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}