Market Decline
Bitcoin and Ethereum deepen crypto sell-off on February 3 amid ongoing market fears
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Continuing the downturn from late January, the cryptocurrency market plunged further on February 3, 2026, with Bitcoin hitting $72,800—its lowest since before the 2024 U.S. election—and Ethereum dropping sharply. The sell-off, fueled by broader stock weakness and liquidity concerns, eased slightly after the U.S. House passed a funding bill to end the partial government shutdown. Experts caution of more declines but spot stabilization signals.
Polkadot's native token DOT fell 3% to $1.83 on Wednesday, breaking below the key $1.90 support level despite positive news on Coinbase integration. Strong selling pressure led to a volume spike 340% above average, signaling institutional distribution. The broader crypto market also declined, with the CoinDesk 20 index down 2%.
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The cryptocurrency market has plunged into 'extreme fear' territory, with Bitcoin dropping below $100,000 for the second time this month. The Fear & Greed Index hit a low of 10, its lowest since late February, amid a week of significant losses across major assets. Factors including profit-taking, institutional outflows, and macroeconomic uncertainty are driving the sell-off.