Why Is Crypto Down Today? – February 2, 2026

The cryptocurrency market experienced a decline today, with a 2.9% drop over the past 24 hours, bringing its total market capitalization to $2.65 trillion. Most of the top cryptocurrencies have also seen price decreases, reflecting a bearish trend in this sector.

Key Takeaways

The crypto market has decreased by 2.9% in the last 24 hours.
The total market cap now stands at $2.65 trillion.
Bitcoin (BTC) is down to $76,472, while Ethereum (ETH) has dropped to $2,225.
91 out of the top 100 cryptocurrencies experienced price declines today.
Despite the general downturn, MYX Finance (MYX) saw a 12.8% increase.

Why Is Crypto Down Today

Crypto Winners & Losers

The week began poorly for cryptocurrencies. As of Monday morning (UTC), all top ten coins by market capitalization have seen declines.

Bitcoin (BTC) has fallen by 2.1% to $76,472.
Ethereum (ETH) is down by 7.2% to $2,225, marking the second-largest drop.
Lido Staked Ether (STETH) has decreased by 7.7%, now priced at $2,224.
XRP (XRP) has also declined by 4.3%, trading at $1.58.
The smallest drop among the top 10 belongs to Tron (TRX), which saw a decrease of 1.3% to $0.2829.
Dogecoin (DOGE) has fallen 1.5% to $0.1032.

Out of the top 100 coins by market cap, 91 reported price drops. Notably, only a few cryptocurrencies saw increases today:

MYX Finance (MYX) rose by 12.8% to $5.7.
MemeCore (M) recorded a 7% increase, now valued at $1.33, while others had modest gains of 4% or less.

In contrast, Monero (XMR) plummeted by 8.7% to $396, followed by Kelp DAO Restaked (ETH RSETH) which fell 8.1% to $2,376.

'The Market is Playing Out as Expected'

According to John Glover, Chief Investment Officer of Ledn, last week saw a panic in the BTC market when Bitcoin dipped below $84,000, a level not seen since April 2025. Despite this, he believes the market trends are proceeding as anticipated from an Elliott Wave perspective.

Glover stated, "We remain in Wave IV and expect it to complete between $71,000 and $84,000." He considers accumulating BTC within this range after previously closing positions at $117,000 when the Wave III peak formed at $124,000.

He also predicts that Wave V won't commence until the second quarter of this year, with a target of $140,000 to $165,000. However, he noted that the trend would be invalidated if Bitcoin closes below $67,000 this year.

Ledn

As the week progresses, Glassnode analysts pointed out that recent news from the U.S. contributed to the downward movement in crypto prices, specifically citing the nomination of Kevin Warsh as the new Federal Reserve Chair and a higher-than-expected Producer Price Index (PPI).

Levels & Events to Watch Next

At the time of writing on Monday morning, Bitcoin was trading at $76,472. The price experienced a relatively calm fluctuation, moving from a high of $79,049 to a low of $74,591.

In the past week, Ethereum has dropped 13%, fluctuating between $75,442 and $90,117. Over the last 30 days, it has decreased by 15% and is nearly 40% down from its all-time high of $126,080, reached in October 2025.

Should the decline continue, Bitcoin's price could drop to the $72,400 level, followed by $70,100 and $68,000.

Trading View

At this moment, Ethereum is valued at $2,225, having dropped from an intraday high of $2,432 to a low of $2,166. In the past month, Ethereum has plunged 28.2% and fallen 55% from its peak of $4,946 five months prior. A further decline could push Ethereum below the critical $2,000 mark, potentially reaching $1,900 and $1,850.

Over the weekend, overall sentiment in the crypto market diminished significantly, moving out of the fear zone and into extreme fear. The crypto fear and greed index sits at 18 today, compared to 28 on Friday and 26 on Saturday.

Coin Market Cap

U.S. Bitcoin spot exchange-traded funds (ETFs) experienced high outflows, with $509.7 million in negative flows reported on January 30, resulting in a total net inflow of $55.01 billion across twelve ETFs. While one ETF recorded negative flows, three had positive inflows, but it wasn't enough to sway the market overall.

The Ark & 21Shares ETF managed to capture $8.34 million, while Fidelity and VanEck brought in $7.3 million and $2.96 million, respectively. However, BlackRock faced $528.3 million in outflows.

Bitcoin Value

Similarly, U.S. Ethereum ETFs also noted inflows on Friday, with total outflows reaching $252.87 million. The total net inflow now sits at $11.97 billion, down from over $12 billion.

Of the nine Ethereum ETFs, two saw outflows, with none experiencing inflows. BlackRock led the outflow list with $157.16 million, followed closely by Fidelity at $95.71 million.

Ethereum Value

Meanwhile, the Michael Saylor Strategy has recently turned unprofitable as Bitcoin dipped below the $76,000 threshold. This means its value fell below the average holding cost of $76,037 per coin. With the company holding 712,647 BTC, it faces an unrealized loss exceeding $900 million, yet it remains committed to its accumulation strategy.

Quick FAQ

Overall, the cryptocurrency market has seen a significant downturn over the past 24 hours, coinciding with a decline in the U.S. stock market. By the end of trading on January 30, the S&P 500 fell by 0.43%, the Nasdaq-100 decreased by 1.28%, and the Dow Jones was down by 0.36%. Nevertheless, the S&P 500 and the Dow managed to close January positively. Participants are currently assessing the December Producer Price Index report and the appointment of the new Federal Reserve Chair.

Short-term declines seem likely to persist as traders look for indications on the duration of this downturn and what the future may hold. Concerns are rising about the potential onset of a bearish market in the near future.