BTC hits 15-month low at $72K, $800M liquidated | Crypto Briefing Feb 4

Bitcoin's brutal selloff continues as the crypto market faces mounting pressure from both technical and regulatory fronts. The world's largest cryptocurrency hit a 15-month low while Treasury officials made clear statements about government support.

Markets

Bitcoin rebounds above $75K after touching $72,863 lows, but remains down 20% for the week
XRP risks breaking below $1.50 amid broader crypto market crash, trading near $1.56
Solana plunges below $100 for first time since November, extending losses to 25% weekly
Crypto mining stocks dive as BTC weakness spreads to related equities
ETF flows diverge sharply with Bitcoin seeing $272M outflows while XRP and Ether attract inflows

Regulation

Nevada moves to block Coinbase prediction markets following similar actions by other states
Canadian regulators tighten crypto custody standards with new tiered framework for asset protection
French police raid X's Paris office in probe of Grok AI and illegal content moderation
South Korean crypto CEO sentenced to 3 years in first case under new Virtual Asset Protection Act
Incognito Market founder gets 30 years for operating $105M crypto-based dark web drug marketplace

Corporate

UBS CEO details crypto plans for direct access and tokenization services for wealthy clients
Tether scales back funding push from $20B to $5B after investor resistance to $500B valuation
TRM Labs hits unicorn status with $70M Series C led by Goldman Sachs participation
Spanish bank BBVA joins European stablecoin consortium Qivalis to challenge dollar dominance
Ripple integrates Hyperliquid into prime brokerage platform for institutional DeFi access

Technology

Base network restores stability after transaction delays from configuration changes
Tether open-sources mining OS and SDK to democratize Bitcoin mining operations
Fireblocks integrates Stacks for institutional-grade Bitcoin DeFi solutions
Bitnomial launches Tezos futures as first US-regulated XTZ derivatives for retail exposure
ProShares unveils CoinDesk 20 ETF allowing single-purchase exposure to top 20 cryptocurrencies

Quick Hits

Crypto.com launches standalone US prediction markets platform OG amid regulatory pressure on rivals
Opinion raises $20M as prediction markets draw capital despite weak crypto market conditions
ARK Invest goes on $19M buying spree, adding to crypto stock positions during market weakness
Hyperliquid treasury plans to use HYPE holdings as options collateral for revenue generation
Aave shuts down Avara brand and Family Wallet to focus entirely on DeFi products
Bed Bath & Beyond to acquire Tokens.com for tokenized real estate platform launch
Michael Burry warns Bitcoin treasury firms face existential risk as BTC slide deepens
Galaxy CEO says Bitcoin's biggest risk is governance, not quantum computing threats
Over 60% of crypto press releases linked to high-risk or scam projects, study finds
10% of Dogecoin millionaires have already disappeared in first month of 2026

What to Watch

Bitcoin's $70K support level as technical analysts eye potential breakdown
ETF flow patterns to gauge institutional sentiment amid market volatility
Layer-2 responses to Vitalik's scaling strategy criticisms
Regulatory developments around prediction markets and crypto custody rules
Corporate earnings impact on crypto-related stocks and mining companies

Frequently Asked Questions

What caused Bitcoin to crash to a 15-month low?

Bitcoin's drop to $72,169 was driven by a combination of factors including broader tech stock weakness, $800 million in crypto liquidations, and concerns about institutional demand reversal. The selloff was amplified by leveraged positions being forced to close as prices broke key support levels.

Will the US Treasury bail out Bitcoin if it continues falling?

Treasury Secretary Scott Bessent explicitly stated during Congressional testimony that the Treasury doesn't have the power to "bail out bitcoin." This clarification came amid heated exchanges about the government's role in cryptocurrency markets and connections to Trump-linked crypto ventures.

Why is CME Group considering launching its own cryptocurrency token?

CME Group is exploring "tokenized cash" and a proprietary token as part of its deeper integration into crypto markets. The move reflects the exchange's strategy to offer new forms of collateral and capitalize on growing institutional demand for digital asset infrastructure and services.