Bitcoin Falls Below $70,000 Amid Deepening Crypto Selloff Pre-U.S. Market Opening

Rowan Ashford

Published: February 5, 2026 8:04 AM ET

Bitcoin Falls Below $70,000 Amid Deepening Crypto Selloff Pre-U.S. Market Opening

Bitcoin’s value has dipped below $70,000 amid a growing selloff in the cryptocurrency market. The leading digital currency fell to approximately $69,917.20, according to CoinDesk data, marking a significant decline. Sentiment among investors has slid into a state of “extreme fear,” with the Fear and Greed Index currently at 11, a level rarely reached in the past.

Impact on Gold and Silver

The selloff primarily affects digital assets and precious metals, while U.S. equity markets show resilience. Gold prices have dropped over 1%, falling below $4,900 per ounce. Silver has seen an even steeper decline, plummeting more than 11% to under $79 per ounce.

U.S. Markets Show Stability

In contrast to crypto and metals, U.S. equities are experiencing a slight uptick in pre-market trading. The Invesco QQQ ETF, which tracks the Nasdaq 100 index, has increased by 0.05%. However, equities related to Bitcoin are facing challenges.

Bitcoin-Exposed Stocks Struggle

MicroStrategy (MSTR): Down over 5%, nearly 80% below its November 2024 peak.
Strive (ASST) and Nakamoto (NAKA): Both down approximately 6%.
Coinbase (COIN): Decreased by another 2%.
Bullish: Down 0.4%.

Performance of Miners

Bitcoin-linked AI miners are experiencing mixed results. IREN has declined by 3%, while Cipher Mining (CIFR) is down 2%. Both faced significant losses of around 15% on Wednesday.

Larger mining operations, including Riot Blockchain (RIOT), Marathon Digital Holdings (MARA), and CleanSpark (CLSK), are also down about 3%.

Potential Market Relief

There might be some respite for investors if market correlations hold. The iShares Expanded Tech Software ETF (IGV) is showing slight gains, which aligns with Bitcoin’s historical performance trends in related industry sectors.

Google’s Market Position

In tech news, Google (GOOG) has experienced a 3% decrease despite surpassing fourth-quarter profit expectations. The company announced an increase in capital expenditures to $185 billion, up from $175 billion, with projected spending around $119.5 billion.