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Bitcoin Drops Below $75K and Ethereum Below $2.4K Amid Rapid Selloff

Bitcoin Drops Below $75K and Ethereum Below $2.4K Amid Rapid Selloff

Bitcoin, Ethereum, and Solana posted sharp declines on Feb. 4 amid a $2.648 trillion market cap drop, with partial recoveries following intraday lows.

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Fact Check
The assessment is 'likely_true' with high confidence because both parts of the statement are independently and strongly corroborated by multiple high-authority sources.The first part of the statement, 'The price of Bitcoin fell below $75,000,' is directly confirmed by a high-authority publication, Forbes, and a financial broker's market analysis, TMGM. Both explicitly state that Bitcoin's price breached this level.The second part, 'the price of Ethereum fell below $2,400,' is supported by overwhelming evidence. A primary source alert from the Binance cryptocurrency exchange, the most authoritative source provided, directly confirms the event. This is further corroborated by multiple crypto-focused news outlets, including The Block and CryptoNews.There are no contradictions among the provided sources. One social media post confirms both assets were falling simultaneously, strengthening the link between the two events. The combined weight of consistent, direct, and credible evidence from primary data providers, major news organizations, and financial analysis firms makes the entire statement highly probable.
Summary

On Feb. 4, Bitcoin briefly fell to $72,945 before rebounding to $75,953, marking a 3.37% drop in 24 hours. Ethereum hit $2,110 before recovering to $2,241, and Solana declined below $100. The total cryptocurrency market capitalization fell 3.3% in a day to $2.648 trillion. These moves extend the prior weekend’s steep selloff, which erased $290 billion from the market, saw Ethereum positions liquidated by over $300 million, and drove leveraged losses across multiple altcoins. Traders have increased hedging via put options, with CME Bitcoin futures remaining below prior highs.

Terms & Concepts
  • Liquidation: The forced closure of a trader’s leveraged position when margin requirements are breached, often resulting from sharp price movements.
  • Open Interest (OI): The total number of outstanding derivatives contracts, such as futures or options, that have not been settled.
  • Put Option: A financial contract giving the holder the right to sell an asset at a predetermined price, often used to hedge against downside risk.