Recently Business Insider reported the following:
Why bitcoin suddenly slid to its lowest level since
Trump's election win
Business Insider – Market - By William Edwards
Feb 2, 2026, 10:39 AM PT
- Bitcoin has dropped below where it was trading before
the 2024 election, down almost 40% from its peak.
- Trump's crypto-friendly policies initially boosted
bitcoin, but the top crypto has struggled.
- Gold and silver made headlines on Friday, but bitcoin
has also been a loser from Kevin Warsh's Fed nomination.
Bitcoin has fallen to its lowest level since before the 2024
election.
The token is deep in a bear market, down as much as 37% from
its October peak, briefly dropping below $75,000 on Monday before edging back
up to around $78,500.
At the heart of the latest sell-off has been the big
sentiment shift in speculative momentum trades, particularly gold and silver.
The brutal sell-off that tanked metals prices spilled over into bitcoin,
analysts say.
According to Coinglass, January 30 was the 10th largest liquidation event in bitcoin's history, with $2.5 billion in positions sold. October 10, 2025's liquidation — right at the start of the current bitcoin bear market — was the largest ever, at $19.1 billion.
Bitcoin tends to track other risk assets, and gold and silver have been behaving less like safe havens and more like momentum stocks in recent weeks.
The breakdown in their price on Friday was the latest factor
to weigh on crypto, but disappointments had been mounting for bitcoin investors
for months.
In 2024, Trump campaigned on making the US the "crypto capital of the world," promising crypto-friendly regulation and the creation of a strategic bitcoin reserve. But the enthusiasm has since waned and the regulatory bonanza seems to have been fully digested by markets while other more bearish factors have played into its price.
For one, speed bumps like trade wars, a sluggish labor market, and government shutdowns, investors have been wary of riskier assets.
The most recent development driving the risk-off sentiment is Trump's appointment of Kevin Warsh to lead the Fed. While Warsh has called for lower rates since Trump's election, he has historically favored a more hawkish policy.
Bitcoin and other risk assets like growth stocks tend to thrive in low-rate, easy-money environments.
Warsh's appointment probably bleeds into the second reason behind the decline: the sharp declines in the price of silver and gold. That's according to Kyle Rodda, a senior financial market analyst at Capital.com.
"Given the build up of positioning and leverage involved, the sell-off is bleeding into other markets. Effectively, a deleveraging is happening, forcing traders to sell other assets to cover losses on their losing precious metals positions. That's contributing to the sell-off in stocks and probably contributed to Bitcoin's plunge over the weekend."
He added: "Every bubble needs a pin to pop it and the nomination of Kevin Warsh to replace Jerome Powell as Fed Chair was the prick this time."
Translation
比特幣為何突然跌至特朗普勝選以來的最低水平
- 特朗普對加密貨幣的友好政策最初提振了比特幣，但這種頂級加密貨幣此後表現不佳。
- 黃金和白銀在周五成為新聞焦點，但比特幣也因Kevin
Warsh獲得聯準會主席提名而遭受損失。
比特幣已跌至2024年大選前的最低水準。
該代幣正處於熊市深處，較10月份的峰值下跌了37%，週一曾一度跌破75,000美元，之後回升至78,500美元左右。
最新一輪拋售的核心在於推動投機性交易的情緒有重大轉向, 尤其是黃金和白銀市場方面。分析師表示，金屬價格暴跌的殘酷拋售波及到比特幣。
根據 Coinglass 數據顯示，1 月 30 日是比特幣史上第十大清算兑現事件，拋售額達 25 億美元。而 2025 年 10 月 10 日的清算 - 恰好發生在目前比特幣熊市之初 - 則是史上規模最大的一次，金額高達 191 億美元。
比特幣的走勢往往與其他風險資產類似，而近幾週來，黃金和白銀的表現越來越不像避險資產，反而更像是投機性的股票。
上週五黃金和白銀價格的暴跌是最新一個加密貨幣承壓的因素，但幾個月來，比特幣投資者的失望情緒一直在累積。
2024 年，特朗普競選時承諾將美國打造為 “世界加密貨幣之都” ，並承諾制定有利於加密貨幣的監管政策，以及建立戰略性比特幣儲備。但此後熱情有所減退，監管方面利好因素似乎已被市場完全消化，而其他一些較利淡因素對其價格造成了影響。
首先，貿易戰、勞動市場疲軟以及政府停擺等不利因素，使得投資人對風險較高的資產持謹慎態度。
最近加劇避險情緒的事件是特朗普任命Kevin Warsh擔任聯準會主席。雖然Warsh自特朗普當選以來一直呼籲降低利率，但他歷來傾向於更鷹派的政策。
比特幣和其他風險資產，例如成長型股票，往往在低利率、寬鬆的貨幣政策環境下表現良好。
Warsh的任命可能與價格下跌的第二個原因有關：白銀和黃金價格的暴跌。這是Capital.com高級金融市場分析師Kyle Rodda的觀點。
"鑑於貴金屬倉位和槓桿的積累，拋售潮正在蔓延至其他市場。實際上，市場正在經歷去槓桿化，迫使交易員拋售其他資產以彌補貴金屬頭寸的損失。這加劇了股市的拋售，也可能是導致比特幣週末暴跌的原因之一。”
他補充說：“任何泡沫都需要一根針來刺破，而這次提名Kevin Warsh接替鮑威爾擔任美聯儲主局席就是那根針。”
So, Bitcoin has fallen to its lowest
level since before the 2024 election. Every bubble needs a pin to pop it and probably,
the nomination of Kevin Warsh to replace Jerome Powell as Fed Chair is the
prick this time.
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