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Bradley Duke, Head of Europe at Bitwise, has described Bitcoin as an offensive asset and gold as a defensive one. Speaking at the Digital Asset Forum in London, he explained that gold acts as a buffer when the market declines, while Bitcoin offers greater upside potential when the market rallies, Decrypt reported. Duke added that one asset focuses on upside potential, while the other is centered on protecting against the downside risks of uncertainty.

The MegaETH Foundation, the organization behind the Ethereum Layer 2 project, announced it will use revenue from its native stablecoin, USDM, to purchase MEGA tokens. According to The Block, the move is part of the project's mainnet launch, scheduled for Feb. 9.

The U.S. Federal Reserve has received approximately 30 comment letters regarding its proposal to grant cryptocurrency and fintech firms access to its payment network, The Block reported. The deadline for submissions was Feb. 6. Among the submissions was a letter from the Blockchain Payments Coalition (BPC), a consortium of major Layer 1 projects including Sui (SUI) and Solana (SOL). The BPC called the proposal an overdue but necessary measure, adding that access to the central bank's payment system is a crucial component for implementing the GENIUS stablecoin regulation bill.

Whale Alert reported that 300,000,000 USDC has been transferred from USDC Treasury to Coinbase. The transaction is valued at about $300 million.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

Andrew Webley, CEO of the UK-based web development firm Smarter Web Company (SWC), told Bloomberg he would rather sell his arm than his Bitcoin. He added that the business is operating soundly and can cover all expenses with its current cash flow without touching its BTC holdings. Smarter Web Company is known as a leading corporate crypto accumulator in the UK and is reported to hold 2,674 BTC.

Kalshi announced via its official X account that it has entered into a partnership with sports app Sleeper. Sleeper will integrate Kalshi's prediction market into its platform.

Whale Alert reported that 400,000,000 USDT has been transferred from HTX to Aave. The transaction is valued at about $400 million.

The U.S. government's unrealized losses on its strategic Bitcoin holdings are approaching $5 billion amid the cryptocurrency market downturn, Walter Bloomberg reported. A 45% drop in Bitcoin's price from its peak has reduced the value of the U.S. holdings from approximately $18.5 billion to $13.8 billion. Despite the decline, the Trump administration is maintaining its strategy, stating that it believes long-term gains will offset short-term volatility. However, the report added that some critics argue these losses demonstrate the risks of investing taxpayer funds in high-risk assets.

Matt Hougan, Chief Investment Officer (CIO) at Bitwise, believes the bad news is already priced into the market. According to The Block, Hougan explained that the recent sell-off reflects cyclical selling, leverage effects, and broader macro risk-off sentiment rather than a failure within cryptocurrency itself. He noted that gold and silver also saw sharp sell-offs, while U.S. stocks faced pressure from uncertainty over growth, interest rates, and capital spending. While acknowledging large capital outflows, Hougan stressed that the current situation is structurally different from 2022. He pointed out that the 2022 outflows were characterized by crypto-related failures and systemic risk, whereas this time there have been no signs of systemic stress across crypto infrastructure, such as bankruptcies or market infrastructure collapses. He concluded that while there is a possibility Bitcoin's price could fall further, a repeat of the 2022 crash is unlikely, as Bitcoin has matured since the previous cycle.

According to CoinNess market monitoring, BTC has fallen below $70,000. BTC is trading at $69,994.14 on the Binance USDT market.

The Nasdaq Composite Index has extended its intraday gains, rising by 2.03%. Meanwhile, the S&P 500 is up 1.71%, and the Dow Jones Industrial Average has climbed 2.15%.

The Coinbase Premium has turned positive for the first time since mid-January, according to Julio Moreno, a senior analyst at CryptoQuant. In a post on X, Moreno stated that U.S. investors are now buying as Bitcoin surpasses the $60,000 level. The Coinbase Premium measures the price difference for an asset between U.S.-based exchange Coinbase and Binance.

Major exchanges have seen $145 million worth of futures liquidated in the past hour. In the past 24 hours, $2,043 million worth of futures have been liquidated.

According to CoinNess market monitoring, BTC has risen above $71,000. BTC is trading at $71,055.61 on the Binance USDT market.

Galaxy Digital has approved a share buyback program of up to $200 million, Cointelegraph reported. The program authorizes the company to purchase its own Class A common shares over the next 12 months. Galaxy is listed on both the Nasdaq and the Toronto Stock Exchange. If the buyback is conducted on the Toronto Stock Exchange, it will require regulatory approval. On the Nasdaq, the purchase volume is limited to 5% of the company's total issued shares at the time the buyback begins. The specific timing of the program has not been disclosed.

Several long-dormant wallets have resumed activity to purchase Ethereum amid the market downturn, according to Lookonchain. One wallet, starting with 0x55C1, reactivated after two years of inactivity, withdrawing 10,000 ETH (approximately $19.24 million) from Binance six hours ago. Another wallet, beginning with 0x1342, became active again after one year, withdrawing 1,892 ETH (worth around $3.75 million) from Binance 30 minutes ago.

Ark Invest, led by Cathie Wood, sold more than 119,000 shares of Coinbase (COIN) on Feb. 5, valued at approximately $19 million, Decrypt reported. The sale comes just days after the investment firm purchased additional shares of the crypto exchange.

According to CoinNess market monitoring, BTC has risen above $70,000. BTC is trading at $70,009.9 on the Binance USDT market.

Ethereum founder Vitalik Buterin commented on social media, stating, "Zcash good, Zooko good."

Chinese regulatory authorities have announced an expansion of their crackdown on cryptocurrencies to include stablecoins and asset tokenization. CoinDesk reported that the announcement was made jointly by eight state agencies, including the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC). The report reiterates the country's comprehensive ban on crypto, prohibiting the trading, issuance, and facilitation of transactions in assets like BTC, ETH, and USDT. The new measures single out fiat-pegged stablecoins for special investigation. Chinese authorities noted that stablecoins threaten monetary policy by mimicking the core functions of a national currency. Consequently, a new rule has been added prohibiting both domestic and overseas Chinese companies, including the foreign branches of domestic firms, from issuing yuan-based stablecoins abroad without government approval. Alongside this, controls on tokenization have been tightened. Chinese domestic companies seeking to tokenize overseas assets must now obtain regulatory approval or submit relevant documentation and meet established standards. In 2021, China declared all crypto-related business activities illegal and banned cryptocurrency mining.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

Nobel laureate in economics Paul Krugman has argued that the recent Bitcoin crash is different from previous cycles. According to U.Today, the City University of New York professor wrote on his blog that Bitcoin's rise was primarily driven by political factors, and the current downturn represents a crisis of trust in those factors. He explained that in the past, a libertarian ideology provided a floor for Bitcoin's price. This faith, backed by a strong ideological foundation, allowed it to recover from several major crashes. However, Krugman believes Bitcoin has now become a political product, and this ideological price defense will no longer be effective, concluding that the situation appears different this time.