{"id":50319,"date":"2026-02-05T11:33:37","date_gmt":"2026-02-05T16:33:37","guid":{"rendered":"https:\/\/bitcoinmagazine.com\/?p=50319"},"modified":"2026-02-05T11:33:45","modified_gmt":"2026-02-05T16:33:45","slug":"bitcoin-falls-over-59000-in-large-dip","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/bitcoin-falls-over-59000-in-large-dip","title":{"rendered":"Bitcoin Falls Over $59,000 in Largest Drawdown Ever, Down Nearly 47% From All-Time High"},"content":{"rendered":"
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Bitcoin\u2019s price crashed<\/a> sharply on Thursday, sliding through critical support and dipping near $66,000 in volatile trading \u2014 marking what appears to be the largest absolute dollar drawdown on record for the world\u2019s largest cryptocurrency.<\/p>\n\n\n\n

The latest plunge comes during a broader global risk-off sell-off<\/a>, with equities, commodities and digital assets all under pressure. Major U.S. and Asian stock indices weakened on economic growth concerns and inflation data, reinforcing flight-to-safety flows that have cascaded through leveraged risk assets.<\/p>\n\n\n\n

Bitcoin\u2019s October 2025 peak \u2014 above<\/a> $126,000 on major exchanges \u2014 now sits roughly $59,000 above today\u2019s lows, a drop unprecedented in raw dollar terms. <\/p>\n\n\n\n

While previous drawdowns have been steeper on a percentage basis, the sheer scale of this retreat in nominal USD terms eclipses the declines seen in 2018, 2022 and other major corrections, according to Bitcoin Magazine Pro data. <\/p>\n\n\n\n

By comparison, historic price cycles saw drops from roughly $20,000 to $3,000 in 2018 or from $69,000 to $15,000 in 2022 \u2014 both sizeable percentage falls but involving smaller absolute dollar moves than the current contraction. <\/p>\n\n\n\n

Analysts now describe the decline as the largest dollar value<\/em> drawdown in Bitcoin\u2019s history.<\/p>\n\n\n\n

Bitcoin price\u2019s broader crypto market drivers<\/h2>\n\n\n\n

Broader markets faced a sharp sell-off this week, with risk assets across the board under pressure. U.S. equities tumbled<\/a>, led by the Nasdaq, which felt the brunt of disappointing earnings forecasts and cooling sentiment in the tech sector. <\/p>\n\n\n\n

Speculative commodities, including silver, plunged double digits, reflecting widespread deleveraging. Bitcoin\u2019s slide below key technical support levels<\/a> intensified forced liquidations and panic selling, contributing to a broader crypto downturn. <\/p>\n\n\n\n

The total cryptocurrency market lost over $500 billion in value over the past week, with nearly all major tokens posting significant declines.<\/p>\n\n\n\n

Adding to the momentum, U.S.-listed spot Bitcoin ETFs have recorded sustained net outflows, reversing the influx of institutional capital that buoyed markets in 2025.<\/p>\n\n\n\n

Public firms with significant Bitcoin exposure, including major holders like Strategy<\/a>, have seen equity valuations collapse alongside BTC, raising questions about balance sheet stress and future liquidity.<\/p>\n\n\n\n

Yesterday, Treasury Secretary Scott Bessent told<\/a> the House Financial Services Committee that the U.S. government has no authority to \u201cbail out\u201d bitcoin or direct banks to buy BTC.<\/p>\n\n\n\n

Rep. Brad Sherman pressed him on whether regulators could intervene like they did during the 2008 financial crisis, but Bessent rejected the idea outright. <\/p>\n\n\n\n

He said that the government\u2019s only bitcoin price exposure comes from law enforcement seizures, not taxpayer-funded investments. <\/p>\n\n\n\n

\"bitcoin\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s price crashed sharply on Thursday, sliding through critical support and dipping near $66,000 in volatile trading.<\/p>\n","protected":false},"author":3817,"featured_media":50320,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[409,76,345],"class_list":{"0":"post-50319","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-all-time-high","9":"tag-bitcoin","10":"tag-price"},"author_data":{"id":3817,"name":"Micah Zimmerman","nicename":"micahzimmerman","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2025\/11\/Micah_Zimmerman_Author_Image.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Falls-Over-59000-in-Largest-Drawdown-Ever-Down-Nearly-47-From-All-Time-High.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/50319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3817"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=50319"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/50319\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/50320"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=50319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=50319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=50319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}