Bitcoin Price Drops Below $66,000
TLDR:
Bitcoin fell below $66,000 per token on February 5, 2026, marking the largest absolute dollar decline in its history from a peak above $125,000 last fall, as broader market sell-offs intensified and U.S. Treasury Secretary Scott Bessent confirmed no government bailout for the cryptocurrency.
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Bitcoin's price tumbled below $66,000 on February 5, 2026, in New York trading, reaching levels not seen since October 2024 and erasing gains tied to Donald Trump's reelection in November 2024.
This drop extended a months-long slide that began after the digital asset hit record highs around $125,000 in October 2025, resulting in a roughly $59,000 plunge per token, the biggest raw dollar drawdown ever recorded for the cryptocurrency.
Trading data from Binance showed Bitcoin slipping to $65,937.23 at 18:18 UTC on February 5, down 9.68% in 24 hours.
The decline occurred amid a widespread risk-off mood in financial markets, with major U.S. stock indexes also sinking sharply on the same day.
Bitcoin's market capitalization stood at about $1.39 trillion, according to CoinMarketCap data.
The cryptocurrency's fall accelerated after U.S. Treasury Secretary Scott Bessent stated during a House Financial Services Committee hearing on February 4 that the government lacks authority to intervene.
"I do not have the authority to do that, and as chair of FSOC, I do not have that authority," Bessent said in response to questions about directing banks to buy Bitcoin or using taxpayer funds for support.
Bessent's comments came as he faced queries from Rep. Brad Sherman about potential federal actions to stabilize the asset.
Shares of Strategy (formerly MicroStrategy), a firm holding large Bitcoin reserves, dropped 14% on February 5 ahead of its earnings report.
While its CEO Michael J. Saylor suggesting everyone hold their bitcoins, the cryptocurrency market is crashing every next minute of today.
Liquidations across crypto markets surpassed $6 billion in the past month, with Bitcoin down 19% from a local peak near $95,000 to around $75,000 before the latest leg lower.
