On Feb 1, 2026 Bitcoin was trading at $76,601 as markets reacted to a rapid loss of risk appetite. A technical breakdown in Bitcoin accelerated forced selling and triggered more than $2.5 billion in liquidations across derivatives venues, pushing the spot price briefly lower. At one point during the session BTC reached a low of $76,444 on Bitstamp, while overall trading volume spiked — a sign of stress rather than calm market participation.
Bitcoin Market Instability and Liquidations
The recent move was largely mechanical: leverage snapped and forced liquidations amplified downward pressure, erasing key technical support levels in the process. Trading volume rose sharply above typical levels, underscoring that much of the action was driven by margin calls rather than fresh buying interest. Traders and observers can review related coverage of concentrated selling in derivatives markets, including detailed accounts of rapid position unwinds like the recent bitcoin liquidations, which add context to the scale of the event.
Crypto as a Risk Asset Amid Geopolitical Tensions
Escalating U.S.–Iran tensions injected headline risk that pushed investors toward safer, more liquid instruments and away from leveraged exposure. In that environment, Bitcoin and other major crypto assets sold off alongside equities instead of attracting a safe-haven bid, with some altcoins posting even steeper percentage losses. Market structure therefore looked fragile: dominance metrics remained, but defensive positioning within crypto increased as headlines drove short-term flows.
Precious Metals Correction After Geopolitical Gains
Gold and silver reversed earlier gains as crowded, geopolitically driven trades unwound; gold slid roughly 9% to about $4,889 per ounce, while silver fell back to $85.15. The pullback read more like aggressive profit-taking after an extended run than a sudden change in long-term conviction, and it highlighted how quickly crowded positions can be repriced when risk sentiment shifts. For a deeper comparison of how gold and Bitcoin have diverged during short-term shocks, see our analysis of gold vs bitcoin.
Macro Catalysts and Market Outlook
Headline geopolitics are currently driving market moves faster than some economic indicators, and the next major data point to watch is the U.S. January employment report. The calendar also points to a Fed meeting on March 18, with markets pricing little change, making geopolitical developments a more immediate source of volatility. From a technical standpoint, Bitcoin?s ability to reclaim the $80,000 area will influence whether rallies are seen as relief bounces or the start of a renewed uptrend.
Why this matters (short version for miners in Russia)
Forced liquidations and headline-driven risk-off can produce rapid price swings that affect the value of mined coins and the timing of sales. For miners, extreme short-term volatility may complicate decisions about when to convert BTC to rubles or hold for a recovery, and it can influence counterparties? willingness to provide services that rely on stable collateral. Even if your operation is small, elevated market turbulence increases the chance of sharp intraday moves that change profitability calculations.
What to do (practical steps for miners with 1–1000 devices in Russia)
- Avoid margin exposure: do not use leverage on held coins or borrow against mined BTC unless you fully understand liquidation risk.
- Stagger sales: consider selling in tranches rather than all at once to reduce the chance of transacting into short-lived lows.
- Monitor liquidity and fees: keep an eye on exchange spreads and withdrawal times during volatile periods to avoid unexpected costs.
- Preserve cash runway: maintain a reserve in local currency to cover electricity and maintenance if prices swing lower temporarily.
- Check contracts and counterparties: confirm that hosting and equipment agreements do not force short-term actions if market moves trigger margin calls on service providers.
FAQ
What triggered Bitcoin?s recent selloff? A technical breakdown accelerated forced liquidations, which together pushed prices lower and generated outsized trading volume.
Why did gold and silver fall at the same time? Both metals experienced profit-taking after sharp gains that had been driven by geopolitical fears, leading to a reversal once risk sentiment shifted.
Is crypto acting as a safe haven now? No. During this episode, crypto traded more like a high-beta risk asset and fell alongside equities rather than attracting safe-haven flows.
What should I watch next? Geopolitical headlines and the U.S. jobs report are highlighted as the primary near-term catalysts for markets.
