Crypto Legislation
Bitcoin plunges below $80,000 in major liquidation event
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Bitcoin fell to a nine-month low below $80,000 on January 31, 2026, triggering over $2.5 billion in liquidations across crypto markets. Analysts attribute the crash to liquidity issues and extreme leverage rather than geopolitical tensions or Federal Reserve actions. The downturn erased $111 billion from the total crypto market value in 24 hours.
A White House summit on February 2, 2026, aimed to bridge gaps between banking and crypto industries over stablecoin rewards but ended without agreement. Patrick Witt, the president's digital assets adviser, emphasized that ethics provisions targeting President Trump remain unacceptable. Negotiations continue amid Democratic demands for stricter rules on officials' crypto involvement.
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At the World Economic Forum in Davos, US President Donald Trump pledged to sign sweeping cryptocurrency market structure legislation very soon, aiming to keep America as the crypto capital of the world. He framed the push as essential to outpace China in financial innovation. The remarks come amid bitcoin's surge above $90,000 and strong political support from the crypto industry.