Hold onto your hats, because the crypto world is in a tailspin! Bitcoin just plunged below the $70,000 mark, sending shockwaves through the market as a broader selloff intensifies ahead of the U.S. stock market opening. But here's where it gets even more intriguing: while cryptocurrencies and precious metals are gripped by "extreme fear," U.S. equities are showing surprising resilience, leaving investors scratching their heads.
As of February 5, 2026, at 11:46 a.m., Bitcoin (BTC) was trading at $71,091.27, but it didn't take long for it to drop below the psychological $70,000 threshold. According to CoinDesk data, the world's largest cryptocurrency hit a low of $69,917.20, pushing the Fear and Greed Index into the 'extreme fear' zone at a mere 11—a level rarely seen in its history. And this is the part most people miss: this selloff isn't just about Bitcoin; it's a wider trend affecting digital assets and metals alike.
Gold, often seen as a safe haven, fell more than 1%, dipping below $4,900 per ounce, while silver took an even bigger hit, plummeting over 11% to under $79 per ounce. But why are U.S. equities seemingly immune to this turmoil? In pre-market trading, the Invesco QQQ ETF, which tracks the Nasdaq 100, was up by 0.05%, defying the downward spiral in other markets.
However, not all sectors are escaping unscathed. Bitcoin-exposed equities are feeling the heat. MicroStrategy (MSTR), the largest public holder of Bitcoin, saw its shares drop over 5%, now nearly 80% below its November 2024 peak. With its fourth-quarter earnings report due later today, all eyes are on whether the company can weather this storm. Other Bitcoin treasury companies, like Strive (ASST) and Nakamoto (NAKA), are also down by roughly 6%.
Crypto exchange Coinbase (COIN) continued its downward trend, losing another 2%, while its rival Bullish, the owner of CoinDesk, saw a modest 0.4% decline. Bitcoin-linked AI miners are a mixed bag, with IREN down 3% and Cipher Mining (CIFR) down 2%, adding to their steep 15% drops from Wednesday. Larger miners like Riot (RIOT), MARA Holdings (MARA), and CleanSpark (CLSK) are all down about 3%.
But here's a glimmer of hope: the iShares Expanded Tech Software ETF (IGV) is showing slight gains, and historically, Bitcoin has closely followed this sector. Could this be a sign of potential relief? Meanwhile, tech giant Google (GOOG) is down 3% despite beating profit forecasts, as investors react to its increased capital expenditure plans—a whopping $185 billion, up from $175 billion.
As the markets navigate this volatile landscape, one can't help but wonder: Is this the beginning of a broader market correction, or just a temporary blip? And what does this divergence between crypto and equities tell us about investor sentiment? Share your thoughts below—do you think this selloff is a buying opportunity, or a sign of deeper troubles ahead?
