Bitcoin Price Plunge Deepens as Market Crashes Near $61k

Bitcoin sinks to fresh lows amid a broad crypto sell-off, with BTC near $61,000 and major asset stocks tumbling, signaling intensified fear and potential further declines.

Rich by Coin

2026-02-06

Bitcoin is plunging without a bottom. The global price has fallen the most in 3 years and 4 months, barely holding above $60,000, while the domestic price slipped below 100 million won for the first time in 15 months. Stocks tied to cryptocurrencies, including Strategy, BitMine, and Coinbase, also tumbled.

On the morning of the 6th, Bitcoin’s price on Upbit slid into the double digits, hitting around 89 million won and marking a 52-week low. It briefly fell below 100 million won and then dipped again to about 90 million won. Bitcoin traded under 90 million won intraday for the first time since December 2024. CoinMarketCap showed an intraday price of about $61,142, signaling a near $60k threshold breach.

Bitcoin had peaked at about $126,198 on October 6 last year, and in roughly five months it has fallen by more than 50%. Ethereum’s domestic price also dropped to around 2.59 million won, roughly 38% of its high from last summer. As the market keeps sliding, crypto communities posted many posts declaring they won’t hold and will cut losses. Analysts say this year’s downturn matches a four-year cycle, with ongoing asset liquidations weighing on the asset class.

Korbit Research Center’s Kim Min-seung said the four-year cycle suggests a downturn could persist and dampen investor sentiment. With futures trading outweighing spot activity and macro headwinds like the next Fed chair nomination, Nasdaq declines, and weaker metal prices, Bitcoin could face further selling pressure. Previously, inflows from Bitcoin ETFs and strategies that buy Bitcoin to boost corporate value had helped crypto rally, with Strategy as a leading DAT investor playing a big role. But the downturn has driven capital outflows and worsened investor sentiment.

In New York trading, Strategy fell 17.12%, BitMine 14.29%, and Coinbase 13.34%, underscoring a broader risk-off mood. Investor sentiment remains in an extreme fear mode with limited inflows, but a rebound could spur renewed buying. Some observers warned that further declines in Bitcoin could trigger broader market turmoil. Investor Michael Burr warned that if Bitcoin falls to $50,000, mining companies and metal futures markets could be hit, potentially dampening buy interest and triggering a death spiral for related companies.