On February 5, the cryptocurrency market experienced a significant downturn. Bitcoin dropped below the $70,000 mark at one point, with its latest price at $71,408.7, representing a daily decline of over 6%. Ethereum fell below $2,100, last trading at $2,062.8, down more than 8%. According to Coinglass data, more than 210,000 traders were liquidated within a single day.
In addition, both gold and silver saw substantial pullbacks. As of the latest update, spot gold was priced at $4,821.61 per ounce, down nearly 3%. Spot silver plummeted by close to 14%, last quoted at $76.350 per ounce.
Market sentiment has been influenced by the fading geopolitical risk premium. Recent developments indicate that the second day of trilateral talks involving Russia, the United States, and Ukraine has concluded, with Russia and Ukraine agreeing to a prisoner exchange. Additionally, there has been progress in U.S.-Iran negotiations.
On the 5th, U.S. Presidential Envoy Witkov announced via social media that representatives from the U.S., Ukraine, and Russia had reached an agreement for the exchange of 314 prisoners of war. The parties will continue dialogue, with further progress expected in the coming weeks.
According to Iran’s Tasnim News Agency on the 4th, Iran and the U.S. are set to hold indirect talks in Muscat, Oman, on the 6th. Reuters reported that a key point of contention remains Iran’s insistence on limiting negotiations to nuclear issues, while U.S. Secretary of State Rubio has stated that discussions must also address Iran’s ballistic missile program.
