The cryptocurrency market faced significant downward pressure on February 9, 2026, with major assets Bitcoin (BTC), Ethereum (ETH), and XRP experiencing notable declines. Bitcoin fell back below the critical $70,000 level after a failed recovery attempt, briefly touching around $60,000—its lowest point in over a year. Ethereum and XRP mirrored the bearish trend, with XRP specifically reported to have fallen over 7% below the $1.40 mark.
Technical analysis indicates a break in Bitcoin's longer-term upward trend, which had been characterized by a series of higher highs and higher lows over preceding months. The failure to hold above recent resistance near $74,500 has weakened short-term market confidence, placing the market in what analysts describe as a "transitional phase" with an uncertain overall direction until stronger buying momentum returns.
The decline is attributed to a confluence of factors. A primary driver is a broad sell-off across global risk assets, including equities, to which cryptocurrencies have shown strong recent correlation. Institutional outflows from spot Bitcoin Exchange-Traded Funds (ETFs) have added significant selling pressure, reducing short-term institutional demand. When ETF investors withdraw funds, it can lead to increased selling in the underlying market, contributing to price weakness.
Furthermore, regulatory uncertainty in the United States has contributed to bearish sentiment. Policymakers are working to resolve disagreements over crypto market structure legislation, causing investors to adopt a wait-and-see approach before taking large positions. Market analysts warn that the next few days are critical; holding above key support levels could lead to stabilization, while continued global market weakness or further institutional outflows may precipitate additional short-term declines.
Amid the turmoil, unverified claims regarding lucrative returns from "KT DeFi" users were noted in market commentary, but these assertions lack confirmation from primary sources and highlight the speculative nature of the current environment. Analysts emphasize that the market remains in "speculative limbo" due to gaps in verified data, drawing parallels to past volatile events like the flash crash of October 2025.
