BlockBeats News, February 9 — The Financial Times published an article stating that Bitcoin may have experienced dozens of major crashes, hundreds of crypto companies may have gone bankrupt, and countless people may have lost their life savings. However, every time Bitcoin drops, it always rebounds. Those with the ability to hold on can persist, and each rebound reinforces the belief that the cryptocurrency they worship will always exist. Since its inception, Bitcoin has been on a path destined to end in a tragic conclusion.
This week, Bitcoin experienced its most severe crash since 2022, dropping to around $60,000 at one point, erasing all gains since Donald Trump’s re-election in 2024. From its peak of over $127,000 in October last year, it has fallen by more than half. According to data from Coinglass, approximately $1.25 billion worth of Bitcoin positions were forcibly liquidated within just 24 hours from Thursday to Friday.
The United States indeed has the closest leadership to a “Bitcoin President,” and its family has interests in crypto assets. However, even with the establishment of a “Strategic Bitcoin Reserve,” pardons for numerous convicted crypto criminals, allowing Americans to include crypto assets in 401(k) retirement accounts, and claiming to have ended former President Biden’s “Crypto War” within 200 days of taking office, Trump’s presence in the White House still couldn’t prevent selling pressure.
We may not have yet seen the final “death spiral” of Bitcoin; I also cannot predict when it will come. Judging the end of the speculative frenzy based solely on faith is very difficult. Bitcoin may still have several rebounds (as of writing, it has rebounded to about $70,000). But confidence is beginning to wane. People are starting to realize that an asset sustained purely by wishful thinking has no bottom value. Ask yourself: will this thing still exist after 100 years? Remember, “The real question is not how you fall, but how you land.”
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
MicroStrategy continues to add more Bitcoin; Saylor is allegedly going aggressive to buy and sell BTC
Bitcoin reserve strategy pioneer MicroStrategy (originally MicroStrategy) announced it has bought 535 BTC, worth approximately $43 million, bringing its total holdings to 818,869 BTC. At the previous earnings call, founder Michael Saylor for the first time hinted that the company could sell BTC. In a recent interview, he proposed a “sell 1, buy 10 to 20” Bitcoin accumulation framework, positively addressing market concerns. Strategy (MSTR) shares have rebounded more than 80% from their bottom. L
ChainNewsAbmedia6m ago
Ray Dalio: Bitcoin Failed to Meet Safe-Haven Asset Expectations on May 12
According to Cointelegraph, on May 12, Ray Dalio, founder of Bridgewater Associates, stated that Bitcoin has failed to meet expectations as a safe-haven asset. Dalio cited Bitcoin's lack of privacy, high correlation with technology stocks, and market size significantly smaller than gold as key
GateNews21m ago
Keel Infrastructure Completes Bitcoin Mining to AI Transition, Reports Q1 Net Loss of $145 Million
According to Decrypt, Keel Infrastructure (formerly Bitfarms) reported a Q1 net loss of $145 million on May 12, with revenue declining 23% year-over-year to $37 million and operating losses expanding to $98 million. The company has completed its transformation from a Canadian Bitcoin mining
GateNews45m ago
Marathon Digital Reports $1.3B Net Loss in Q1, Sells $1.1B Bitcoin to Repay Debt
According to Marathon Digital's Q1 2026 earnings report, the bitcoin miner posted a net loss of $1.3 billion, with revenue declining 18% year-over-year to $174.6 million. The loss was primarily driven by unrealized losses on 38,689 BTC held on the company's balance sheet. During the quarter, Maratho
GateNews49m ago
Bitcoin Ordinals Browser Ord.io to Shut Down on June 1 After 3 Years
According to ChainCatcher, Bitcoin Ordinals browser Ord.io announced it will shut down on June 1. The platform, which launched three years ago and grew to over 1 million users, featured voting functionality and tools including Satributes for discovering rare sats and Block Vision for monitoring
GateNews51m ago
South Koreans Pull $41B From Crypto as Bitcoin Slump Pushes Cash Into Stocks
The total value of virtual assets held by South Korean investors plummeted by over $41 billion in roughly one year, according to Bank of Korea data.
Key Takeaways:
Bank of Korea data shows domestic virtual asset holdings fell over 50% to $41.17 billion by February 2026.
Investors shifted
Coinpedia3h ago
