Robinhood Of Crypto Market Crashes Hysterically! Bitcoin Halves To $60K From Peak; Will BTC Spiral To $8,000?

The world cryptocurrency market is witnessing some of its most intense routs due to just one crypto which happens to be their Robinhood. It's none other than the leader of the board, Bitcoin, which crashed to near the $60,000 level.

BTC has more than halved from its all-time high in October 2025 and is trading at its weakest since October 2024. This led to a market rout of a breathtaking $2 trillion, toppling other cryptocurrencies in its way. The crypto market is far from seeing bullish days, as a deeper risk scenario has been predicted.

Bitcoin Price:

In the early hours of February 6, Bitcoin dropped to hit $60,074.20 intraday low, though picked up momentum and currently traded at $66,312.76 per BTC, down by 4.4% at 6.52 pm IST. Bitcoin's market cap has dropped by 4.4% to struggle around $1.32 trillion.

Despite some recovery in losses, Bitcoin is performing with a 22% drop in its seven-days performance.

"Markets saw sharp selling as risk appetite weakened, pointing to a broad liquidity squeeze rather than asset-specific stress. Bitcoin led declines, falling nearly 25% over seven days to around $62.5K, levels last seen in October 2024," said CoinSwitch Markets Desk.

It added the total crypto market cap fell over 10% in a single day, an unusual correlation that signals leverage unwinds and margin-driven selling.

Ethereum, Tether, BNB, XRP, USDC, Solana, TRON, Dogecoin, Cardano:

Following Bitcoin's crash, other cryptocurrencies also recorded a frenzy free fall. Ethereum, the second largest crypto after BTC, dropped 5.4% to trade around the $1,940 levels. ETH is down by nearly 29% in its 7-days performance.

Meanwhile, BNB has nosedived by 24%, XRP plunged 20.3%, Solana shed 28.4%, TRON dipped nearly 8%, and Elon Musk's favourite Dogecoin also grappled in the heat of bears with nearly 18% decline in seven-days. Cardano was down by nearly 19%.

Bitcoin ETFs Fall!

Bitcoin was not alone, its bearish aura was impacting ETFs as well. Blackrock's Bitcoin ETF called 'iShares Bitcoin' dropped over 13% yesterday to hold around $36.10.

Other Bitcoin ETFs like ARK 21Shares Bitcoin, Bitwise Bitcoin, Fidelity Wise Origin Bitcoin, Franklin Bitcoin, Grayscale Bitcoin (BTC), and
Invesco Galaxy Bitcoin among others also plunged by 13% to 13.5% in the previous session.

Last year, Bitcoin had touched an all-time high of a mind-boggling $126,198.07 on October 7th. From this level, Bitcoin is currently down by 48%and lower by 52.39% from its intraday level.

What Does Bitcoin Crash Mean For Crypto Market Ahead?

As per Avinash Shekhar, Co-founder, and CEO, Pi42 "Bitcoin's sharp drop around the $60,000 range marks its weakest stretch since late 2024, with the asset now down nearly half from its October 2025 peak as heavy liquidations and persistent ETF outflows intensify selling pressure.

He points out that the repeated failure to sustain rebounds above the $70,000-$72,000 zone has reinforced a defensive market tone, while extreme fear readings and elevated volatility point to ongoing deleveraging. Ethereum's slide below $1,900 highlights the broader stress across digital assets.

The sentiment is fragile for cryptos going ahead. Shekhar said, "Despite the severity of the correction and fragile sentiment, the $58,000-$60,000 support band remains technically significant as of now, and a stable hold in this region could gradually restore confidence and open the door to a measured recovery, with bargain buying potentially emerging if volatility eases."

The fear & greed parameter on CoinMarketCap reflects 'Extreme Fear' of investors. The CoinMarketCap 20 Index DTF (CMC20) has plummeted by 21% in seven days. The CMC20 Index is a benchmark designed to measure the performance of the top 20 cryptocurrency projects by market capitalization, as ranked by CoinMarketCap.

Will Bitcoin Hit $8,000 Mark?

Over the period of time, investors have been wondering about the breaking point of Bitcoin. The latest fear appeared after Strategy CEO Phong Le reasured its investors that the company's balance sheet remains resilient despite BTC's latest fall.

Strategy is the world's first and largest Bitcoin treasury company. The CEO's statement comes despite Strategy recording a $12.6 billion loss in Q4, triggered by Bitcoin's steep sell-offs.

Le told investors, "In the extreme downside, if we were to have a 90% decline in bitcoin price, and the price was $8,000, that is the point at which our bitcoin reserve equals our net debt, and we will not be able to then pay off our convertibles using our bitcoin reserve, and we'd either look at restructuring, issuing additional equity, issuing additional debt."

A user named Osaoz4real at CoinMarketCap said, MicroStrategy's clarification around its so-called "breaking point" has reignited fear-driven narratives.

For BTC to revisit the $8,000 mark, the crypto enthusiast believes that it would require a systemic shock far beyond normal bear-market dynamics—something like a global liquidity freeze, mass forced liquidations across institutions, and a complete breakdown of ETF demand and long-term holder conviction. None of those signals are presently aligning.

How BTC fares ahead will be keenly watched.

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