Crypto Markets Lose $150 Billion as Bitcoin Slides Below $63 K
February 24 2026 – The cryptocurrency sector witnessed a sharp contraction over the past 48 hours, with the total market capitalization shedding more than $150 billion. Bitcoin (BTC) breached the $63 000 threshold for the first time since early February, prompting a cascade of losses across most major altcoins.
Market snapshot
| Metric (as of 24 Feb) | Value | Recent change |
|---|---|---|
| Bitcoin price | < $63 000 | –3 % from previous day; lowest level since 6 Feb |
| BTC market cap | $1.26 trillion | –$40 billion |
| Bitcoin dominance | 55.8 % (CoinGecko) | –0.6 pp |
| Total crypto market cap | $2.26 trillion | –$150 billion |
| Largest cap loser (altcoin) | Bitcoin Cash (BCH) | –11 % (≈$5 billion) |
| Top performer | PIPPIN (PIP) | +11.5 % to $0.80 (all‑time high) |
Bitcoin’s rebound‑and‑reversal
After a brief rally that saw BTC oscillate between $67 000 and $68 500 early in the week, the coin slipped to $65 600 on Thursday, only to regain momentum toward $69 000 over the weekend. The resurgence was short‑lived. A late‑Sunday opening of legacy futures markets, combined with the announcement of a new global taxation framework that followed a U.S. Supreme Court decision against former President Trump, triggered a rapid sell‑off.
Within a little over an hour, Bitcoin fell from roughly $67 700 to $64 400, igniting a wave of liquidations. Though it briefly recovered to $66 500 mid‑day, bearish pressure resumed, dragging the price under $63 000—a level not seen since the February 6 dip to $60 000. The move left BTC’s market cap just above $1.26 trillion and nudged its dominance below the 56 % mark for the first time in months.
Altcoins mirror the downturn
The slide in Bitcoin reverberated across the broader crypto ecosystem:
- Ethereum (ETH) dropped about 5 % to just over $1 800.
- XRP slipped 4.5 % and struggled to stay above the $1.30 support line.
- BNB, SOL, TRX each recorded multi‑percent declines, while DOGE, ADA, HYPE fell by more than 5 %.
- Bitcoin Cash (BCH) emerged as the biggest laggard among the top‑30 assets, shedding over 11 % and trading below $485.
Conversely, the relatively unknown token PIPPIN defied the market mood, climbing 11.5 % to an all‑time high of $0.80. The token’s surge was isolated and did not materially affect the overall market trajectory.
Underlying drivers
- Regulatory shock: The introduction of a global tax regime, prompted by the U.S. Supreme Court’s ruling, added an element of uncertainty for investors, especially those with exposure to cross‑border crypto activities.
- Futures market dynamics: The late‑Sunday reopening of legacy futures contracts amplified short‑selling pressure, accelerating the price drop and triggering margin calls.
- Liquidity strain: As Bitcoin breached a key psychological level, leveraged positions on both spot and derivatives markets were liquidated, feeding further downside.
- Loss of confidence: The cumulative effect of regulatory headlines and rapid price swings appears to be eroding risk appetite, prompting broader sell‑offs across altcoins.
Outlook and considerations
Analysts caution that the current sell‑off may be a short‑term correction rather than the start of a prolonged bear market, but several variables could determine the next direction:
- Policy clarity: If governments provide clearer guidance on the new tax framework, volatility could subside.
- Futures market activity: Continued bearish positioning in futures could keep downward pressure on spot prices.
- Liquidity inflows: A resurgence of institutional or retail capital—potentially sparked by price stabilization—might restore some market depth.
Investors should monitor on‑chain metrics such as active addresses, exchange inflows/outflows, and the health of leveraged positions to gauge the sustainability of the current trend.
Key takeaways
- Bitcoin’s dip below $63 K marks the most significant low since early February, pushing its market cap under $1.3 trillion and reducing dominance to below 56 %.
- The total crypto market cap slipped by $150 billion in two days, settling at roughly $2.26 trillion.
- Altcoins broadly underperformed, with Bitcoin Cash leading the losses (>11 %) while PIPPIN posted a rare rally.
- Regulatory news and futures market reopening were the primary catalysts for the rapid price deterioration and ensuing liquidations.
- Future market direction hinges on regulatory clarity, derivatives activity, and potential capital inflows.
All price and market‑cap figures are based on data from CoinGecko and CoinMarketCap as of February 24, 2026.
Source: https://cryptopotato.com/150-billion-gone-from-crypto-markets-as-bitcoin-btc-dips-below-63k-market-watch/
