[DigitalToday reporter Hyunwoo Choo] Late on Feb. 6, bitcoin plunged into the $65,000 range, triggering strong selling pressure across the broader cryptocurrency market. Major asset markets also appeared to lose momentum, with U.S. stocks in New York falling sharply amid weakness in technology shares.

• "All assets are collapsing"…Bitcoin breaks below the 100 million won line • "What was coming has come" Bitcoin breaks below $70,000…Shift to a sharp crash market • U.S. Treasury secretary: "No authority to bail out bitcoin"…Draws a line on market intervention

On Upbit in Korea, bitcoin traded in the upper 90 million won range, breaking below the 100 million won threshold. Ethereum fell 13.4 percent to $1,876, breaking below the $2,000 support line. XRP dropped 21.63 percent to $1.16, posting a particularly steep decline. Many other tokens, including BNB, SOL, ADA, TRX and XLM, also joined the double-digit slide.

U.S. Treasury Secretary Scott Bessent dismissed the possibility of intervening in the bitcoin market at a congressional hearing. The U.S. government plans to hold only bitcoin it has seized and will not make additional purchases. The Trump administration's strategic bitcoin stockpile policy is also sparking controversy.

• "Something is wrong, this isn't normal"…Mike Novogratz bewildered by bitcoin plunge • Bitcoin is down 40 percent from its high, but…"Different from the 80 percent crash in 2022" • It nearly went to 200 million won…"At least 6 months until bitcoin recovers"

As bitcoin fell below $73,000, Mike Novogratz cited unexpected market moves. Some analyses also point to profit-taking after a long rally and concerns over quantum computing as factors behind the decline. Novogratz suggested bitcoin could stabilise between $70,000 and $100,000. He also assessed that although bitcoin has fallen 40 percent, it is unlikely to see a crash like in 2022. The assessment is that a different market environment has formed due to increased institutional investment and financial easing.

Bitcoin has fallen below its 100-week moving average, raising the likelihood of a prolonged downtrend. Past cases show bitcoin took at least 6 months to recover, and a similar pattern is likely to be repeated this time. With a strong resistance line overlapping with selling pressure, the market is unlikely to recover easily.

• "Should I sell bitcoin and buy XRP"…Investor sentiment rises in a crypto slump • Doubling down in a downturn…If XRP hits $10, how much could you make? Step-by-step profit projections • Can a long-term Shiba Inu investment turn $10,000 into $1.1 million?

Even in a crashing market, some are looking for a reversal. A projection says investors who bought XRP at various price levels could earn substantial profits if XRP reaches $10. If XRP reaches $10, investors who bought in the $1 to $2 range could make returns of up to several hundred percent. XRP has previously surged 580 percent in a short period, and the possibility of strong upside momentum is also being discussed.

If Shiba Inu (SHIB) rises 100-fold, a $10,000 investment could become $1.1 million. For that to happen, Shiba Inu would need to rise to $0.0007555, requiring a jump of 10,903 percent. Experts leave open the possibility over the long term, but say a strong rally would be essential for it to materialise.

• Bithumb mistakenly transfers 2,000 bitcoin instead of 2,000 won event prize…Worth 133 trillion won • Bithumb: "110 percent compensation for panic-selling from mistaken transfer incident…We will take responsibility"

Digital asset exchange Bithumb made an unprecedented mistake when it tried to pay 2,000 won in cash as an event prize but accidentally deposited 2,000 bitcoin (BTC) per person. The total amount of bitcoin wrongly paid is estimated at about 133 trillion won.

Bithumb announced a plan for full compensation for affected customers and plans to create a 100 billion won investor protection fund related to the mistaken bitcoin (BTC) transfer incident. It will first pay customers who sold bitcoin at low prices due to the sharp price drop, or panic sold, the full difference in sale proceeds plus an additional 10 percent compensation. It also plans to pay 20,000 won per person in compensation in a lump sum to all customers who were logged in at the time of the incident.

• TD Cowen: "Trump must step in directly"…U.S. CLARITY Act faces headwinds • U.S. Treasury secretary: "No crypto regulation without a bill"…Coinbase-Congress conflict intensifies

The U.S. cryptocurrency market structure bill, the CLARITY Act, has fallen into a deadlock due to industry divisions and political obstacles. TD Cowen projected that passing the bill would be difficult without direct intervention by President Trump. Stablecoin compensation issues and securing Democratic support have emerged as key points of contention.

The U.S. Treasury secretary stressed the need for cryptocurrency regulatory legislation and criticised Coinbase for withdrawing its support. Coinbase opposed the bill over the stablecoin interest rate issue, but Congress is continuing discussions to pass the legislation.

• Made 700 billion won from bitcoin, but…The tax-free era for cryptocurrencies is over

Tax evasion through cryptocurrencies is no longer safe. As major countries including the United States and Europe make it mandatory to report cryptocurrency holdings, tax authorities' surveillance networks are tightening. Taxation has now become a reality in the crypto market, with an investor who made cryptocurrency profits in the 700 billion won range suffering fear of tax evasion charges. The introduction of the global tax reporting framework, CARF, will make reporting of cryptocurrency holdings mandatory.

• $7 trillion wiped from gold and silver markets…Is bitcoin on the same path? • "Bitcoin over gold in 10 years"…Why the Pantera CEO is all in on bitcoin • Bitwise: "Bitcoin at a turning point in 2026…The $1 million era is coming"

Gold and silver markets plunged, wiping out $7 trillion in 48 hours. Bitcoin also fell 7 percent, following the downward trend. Experts warned that if liquidity contraction persists, bitcoin could face further declines.

Dan Morehead, CEO of Pantera Capital, stressed the need for long-term investment, saying bitcoin will far outpace gold within 10 years. He claimed, "As institutional investors flow in in earnest, bitcoin will become the best asset in history." In a related development, Bitwise projected 2026 as a decisive turning point for bitcoin and analysed that increased institutional investment will drive prices higher. It also stressed that as the traditional four-year cycle weakens, market structure will have a bigger influence on prices than supply events.