Crypto News Daily Squeeze

Bitcoin just cracked below $70K...

Written by Gode S.,

Web3 Market Analyst

Last Updated: February 05, 2026

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Plus: Russia's biggest bank plans to offer crypto-backed loans

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GM. Peeking under the rind of today's crypto news, there are all sorts of surprises - some sweet... but most of 'em sour.

Pass the spoon, let's taste the mix:

🍍 We went even lower...

🏦 Sberbank's crypto-backed loans;

🍋 Vitalik questions Layer-2 scaling, Treasury keeps seized Bitcoin + more

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🍍 Market flavor today

Find out more about the Fear & Greed Index here.

Name		Price	24H	7D
Crypto Market Cap: $2.27T -7.72% (24H)
	Bitcoin BTC	$65,997.51	-10.30%	-21.58%
	Ethereum ETH	$1,940.09	-9.18%	-30.77%
	BNB BNB	$649.67	-9.22%	-24.90%
	XRP XRP	$1.23	-19.33%	-31.83%

Prices as of 01:00 PM EST. Click here to see live data.

Y'all, I think it's time we actually do go touch some grass 🤠 'Cause what the helly is this 🤠

Bitcoin slid, then slipped, then fell down the stairs. It cracked below $70K for the first time since 2024.

And this level wasn't just a number - it was a collective emotional support beam.

Once it snapped, the market hesitated for about five minutes, then everyone reached for the exit at the same time. Liquidity dried up hella fast.

Fewer bids meant every sell pushed the price lower than expected. That's how small moves turn into fast ones.

Bitcoin price chart from BitDegree, 02-05

Source: BitDegree

Then leverage unraveled.

$1.46B in liquidations hit the market in a day, mostly long positions that assumed the dip was over.

👉 ETH dropped below $2K;

👉 SOL, XRP, BNB - all down 7-19%.

This was everyone reducing risk at the same time.

Now, the part that caught people's attention: whales. On-chain data showed tens of thousands of BTC moving from large wallets to exchanges during the drop.

That means big holders were selling into weakness instead of buying it.

The sell-off didn't start with whales, but their selling added supply at a moment when demand was already thin. That made the drop sharper.

Total crypto market cap chart from BitDegree, 02-05

Source: BitDegree

What really matters now is whether the selling pressure actually ends.

👉 This move was driven by forced selling. Traders are watching to see if that flow dries up.

When liquidation increases fade, and funding stops pushing deeply negative, it usually means the weak hands are gone, and the market can breathe again.

👉 The next key signal is supply.

Large wallets sent a lot of BTC to exchanges during the drop. If those inflows slow, it tells you whales have reduced risk and aren't eager to keep selling.

When supply backs off, price often stabilizes even without strong buying.

👉 Finally, it's about spot demand.

ETFs and real buyers don't need to rush in - they just need to stop leaving.

If price holds once volatility cools, that suggests this was a reset, not a trend break.

In short: traders are watching for selling to exhaust itself. When the market stops forcing people out, direction usually follows.

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🥝 Memecoin harvest

Only in crypto: why be sensible when you can 10x on a cat pic 🐈

Data as of 09:34 AM EST.

Check out these memecoins and plenty more here.

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🏦 Sberbank's crypto-backed loans

Imagine you walk into a bank and say:

"Hey, I don't wanna sell my house, but I do want some cash. Can I borrow against it?"

The banker nods. Totally normal.

Now imagine instead of a house, you slide across... Bitcoin.

Until very recently, most bankers would've laughed you out of the building.

This week, one of the biggest banks on the planet didn't laugh.

Shocked kid sipping a milkshake

Sberbank - Russia's largest and most powerful bank - announced it's planning to offer crypto-backed loans to corporate clients.

Plain English:

They wanna allow businesses to lock up crypto as collateral and receive traditional loans, without having to sell their crypto.

At its core, collateral is about trust.

Banks only accept collateral if they believe three things:

1️⃣ It holds real value;

2️⃣ It can be sold if things go wrong;

3️⃣ It will still exist in the future.

So, Sberbank checked all three boxes for crypto.

Meme about Patrick Bateman being impressed

And it tells us something bigger about how crypto is evolving:

👉 First, crypto tried to replace banks;

👉 Then banks tried to ignore crypto;

👉 Now, banks are using crypto.

That means TradFi's ready to admit crypto is useful.

And in Russia's case, where traditional financial channels are constrained, crypto offers something truly rare: neutral, digital value that doesn't depend on foreign banks.

Now, the important part:

This is how financial assets mature. They don't become mainstream because people argue online. They become mainstream because institutions start using them to solve real problems.

And this doesn't require crypto to stop being crypto. The permissionless part didn't disappear.

What changed is that the old system finally had to acknowledge that crypto doesn't need babysitting to function at scale.

Basically, crypto isn't replacing the world... it's slipping into it. And once banks start building doors for something, it usually means that thing isn't going away.