February 2 News, the cryptocurrency market has once again experienced intense volatility. Over the past 24 hours, the total market capitalization declined by approximately 2.66%, evaporating to around $2.58 trillion. A high-leverage position worth $704 million was forcibly liquidated, triggering a chain reaction that led to panic selling. Bitcoin fell below $80,000, Ethereum retreated below $2,300, and mainstream tokens such as XRP, ADA, BNB, SOL, DOGE, and others weakened simultaneously, with market sentiment clearly under pressure.
Some analysts point out that this downward move may be one of the most severe corrections since 2026. Data shows that the correlation between crypto assets and gold prices has risen to 63%, indicating that macroeconomic variables are now dominating the trend of risk assets. Investors are generally paying close attention to a series of key events this week, which could determine Bitcoin’s price trend and the short-term direction of the crypto market.
Firstly, the United States will release several key economic data points. The January ISM Manufacturing PMI, scheduled for Monday, is expected to be 48.3, higher than the previous 47.9. This indicator is regarded as an important signal for judging economic momentum. On Wednesday, the Federal Open Market Committee announced that the benchmark interest rate would remain unchanged in the 3.50% to 3.75% range, with the next meeting scheduled for March 17-18.
On Friday, the U.S. Bureau of Labor Statistics will publish the January employment report, with market expectations of approximately 55,000 new jobs and an unemployment rate of 4.4%. This data often directly influences risk asset prices and is a key reference for observing Bitcoin’s short-term movements.
In terms of liquidity, the Federal Reserve has injected about $6.9 billion into the market through Treasury bond purchases to ease short-term financing pressures. Meanwhile, Trump appointed Kevin Warsh to succeed Powell as the new Federal Reserve Chair, expected to take office in May 2026. This personnel change adds uncertainty to future monetary policy directions.
Globally, the market will also focus on the progress of the Federal Reserve’s balance sheet adjustments and China’s upcoming foreign exchange reserve data. The convergence of multiple macro signals makes this week a critical window for influencing the trend of the cryptocurrency market.
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