Cryptocurrency market drops, over 140,000 traders liquidated

LightningPacketLoss · 2026-03-04T15:31:03+00:00

On February 5th, gold broke through $5000, and silver saw a slight increase. Due to intervention by Middle Eastern leaders, US-Iran nuclear negotiations have been resumed. Bitcoin dropped nearly 4%, raising doubts about its "digital gold" status and hinting at a confidence crisis in cryptocurrencies.

LightningPacketLoss

2026-03-04 15:31:03

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On February 5th, gold and silver prices surged sharply. As of around 7:15 Beijing time, gold re-claimed the $5,000 level, and silver moved higher in tandem. Spot silver rose slightly to $89.08 per ounce, while COMEX silver jumped over 4%.

According to CCTV News, after several Middle Eastern leaders urgently lobbied the Trump administration to abandon threats to exit negotiations on the afternoon of the same day, the planned US-Iran nuclear talks scheduled for the 6th were restored. The negotiations will be held in Oman. Earlier, the US had rejected Iran’s proposal to move the meeting from Istanbul, Turkey, to Oman.

The sell-off led by Bitcoin accelerated, with major cryptocurrencies continuing to decline. As of 7:10 Beijing time, Bitcoin fell nearly 4% to $72,646 per coin. SOL plummeted over 7%, while ETH and XRP dropped more than 4%. In the past 24 hours, over 140,000 traders worldwide have been liquidated.

According to Cailian Press, Bitcoin has fallen to its lowest level since early November 2024, when US President Donald Trump won the election. During his campaign, Trump promised to promote the development of digital assets, which once drove cryptocurrency prices to soar.

Bitcoin’s sharp decline has also sparked doubts about its “digital gold” status. Some believe cryptocurrencies are facing a “crisis of confidence.” Pimco Managing Director Pramod Dawan stated that the narrative of Bitcoin as “digital gold” has weakened, and its price decline indicates that cryptocurrencies are “not a currency revolution.” Many in the crypto community are tempering their expectations for the market’s performance in 2026.

(Edited by: Wen Jing)

Keywords: Cryptocurrency Bitcoin

BTC7.23%

SOL8.06%

ETH8.59%

XPR3.74%

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