The post Why can’t anyone identify the trigger for crypto sell‑off that knocked Bitcoin back to $60,000? appeared on BitcoinEthereumNews.com.

Bitcoin dropped harder than anyone expected, and no one actually knows what set it off. It lost 16% in a week, crashing to $70,008, and at one point touched $60,000. That’s a massive fall from the all-time high of $126,273 it hit in October. Ether didn’t do much better. It fell 24% to $2,052, now 59% below its record. Friday gave both tokens a little bounce, but that didn’t save the week. This was one of the worst stretches for crypto in years. The most frustrating part is how clueless everyone is. Even the most recognizable names in the space, like Anthony Pompliano, Michael Novogratz, and Anthony Scaramucci, had no real answer. Pompliano said, “Bitcoin is crashing and investors are freaking out.” Novogratz simply said, “There was no smoking gun.” Scaramucci put it plainly: “If you ask five experts, you’ll get five explanations.” Traders turn to other markets as bitcoin loses spotlight Pompliano pointed to distractions, saying that traders are busy throwing cash into prediction markets, gold, silver, AI projects, and even meme stocks. He used to think bitcoin was where people came for upside. Now they’re all over the place. “It used to be that bitcoin was the consensus view where asymmetry existed,” he said. “Now you have AI, prediction markets… many other areas where people can go and they can speculate.” Another problem is Wall Street. Over the past year, banks have rolled out all kinds of ETFs and derivatives tied to crypto. These tools let people bet on the price of bitcoin without ever touching the real thing. And that has hurt bitcoin’s status as a rare asset. Its supply is still limited to 21 million coins, but the financial industry has made it easier to gamble on price without actually buying any. During Trump’s comeback to…

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Filed under: News - @ February 7, 2026 7:27 pm