Bitcoin (BTC) fell to $42,360 on the night of Tuesday, February 6.
The bears managed to increase the pressure on the cryptocurrency. As a result, it fell below $43,000.
Over the day, the liquidation of long-term positions on the futures market amounted to more than $75 million. According to the Coinglass platform, exchanges canceled BTC futures worth almost $30 million.
Ether (ETH) was trading at $2288 at the time of publication of this review. ETH is holding its ground along with other altcoins that showed strong growth last week.
Chainlink (LINK) surged above $19 the previous day, but corrected to $18.52 by evening. Solana (SOL) tried to break above $100 again, but dropped to $95.17 due to traders’ shift to profit taking.
Genesis filed for bankruptcy in New York District Court on Saturday. The company is asking it to approve the sale of its $1.6 billion in digital assets held in Grayscale trusts.
This information was one of the drivers of the market decline. The bitcoin options market is also dominated by bears.
According to analysts, it is unlikely that the largest digital currency will be able to jump to $50,000 by the end of February.
Monthly options expire on February 23. Most likely, the bulls will not be able to trigger a bitcoin rally by then.