Bitcoin Erases Post-Trump Election Gains, Altcoins Crash by Double-Digits: Your Weekly Crypto Recap

The past few weeks have been anything but dull in the cryptocurrency markets. Unfortunately for the bulls, it’s not in their favor. It all began last Saturday. Bitcoin had finally recovered some ground following the previous crash to $81,000 and stood around $83,000-$84,000, which was rather unusual as the two largest precious metals – assets known for their stability – crashed on Friday by double digits. This heightened volatility reached BTC on Saturday when it dumped from $84,000 to under $76,000. The bulls tried to intervene, but all they could do was help BTC recover slightly to $79,000. The asset was quickly rejected there and dipped below $74,000 on Monday. The same failed rebound scenario repeated, and the bears took complete control of the market in the following days. The culmination, at least for now, transpired yesterday. Another brutal sell-off drove the largest digital asset down to $60,000. As such, BTC not only erased all gains charted after Trump’s reelection victory in late 2024, but it actually dumped to under the levels from back then. Strategy’s bitcoin positions went deep in the red as the cryptocurrency dropped by $30,000 in just over a week. The reasons behind this calamity may vary and are still debated by analysts. From rising geopolitical tensions to the new Fed Chair to excessive leverage in the markets. The fact is, though, the overall crash on Thursday alone wiped out more than $2.6 billion in leveraged positions. Despite rebounding to $67,000 as of press time, BTC is still nearly 20% down weekly. Many altcoins have produced even more significant declines, such as ETH (-28%), BNB (-23%), LINK (-21%), XMR (-26%), and others. HYPE, on the other hand, continues to defy the overall trend and has soared by 19% within the same timeframe. Market Data Cryptocurrency Market Overview Weekly Feb 6. Source: QuantifyCrypto Market Cap: $2.38T | 24H Vol: $360B | BTC Dominance: 56.6% BTC: $67,200 (-18.4%) | ETH: $1,950 (-28.3%) | XRP: $1.43 (-20%) T...