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Core Insights - Bitcoin's price has dramatically dropped from a high of $126,000 in October to below $60,000 in February 2026, primarily due to a series of chain reactions rather than a single cause [1] - The market is experiencing a vicious cycle of price drops leading to liquidations and further sell-offs, exacerbated by high leverage among traders [3] Market Dynamics - On February 6 alone, over 590,000 liquidations occurred, totaling $2.7 billion, with Bitcoin accounting for more than half of this amount [3] - The regulatory environment has intensified market panic, particularly due to China's strict cryptocurrency ban and the lack of progress in the U.S. regarding Bitcoin as a strategic reserve [4] - Bitcoin's correlation with tech stocks has increased, diminishing its status as "digital gold," leading to sharper declines in price during stock market downturns [4] Mining Sector Challenges - Bitcoin miners are facing significant survival pressures, as operational costs have surpassed revenues when Bitcoin prices fell below $60,000 [5] - The average production cost of Bitcoin is estimated at $87,000, leading to frequent sell-offs by miners as prices remain below this level [7] Expert Opinions - Some experts, like Richard Farl and Michael Burry, have raised concerns about Bitcoin's potential to drop to zero due to its reliance on trust and the risk of forced liquidations if prices fall further [7] - Conversely, JPMorgan's strategy team argues that Bitcoin's value proposition is becoming more attractive compared to gold, despite its recent price drop [9] Investor Behavior - There is a notable divergence in market sentiment, with institutional investors quietly accumulating Bitcoin while retail investors are forced to sell at losses [9] - Small investors are particularly vulnerable, often using high leverage and facing significant losses during price corrections [10] Regulatory Environment - Global regulatory attitudes are creating uncertainty in the market, with the EU imposing strict limits on stablecoins and the U.S. SEC delaying Ethereum ETF approvals [12] - The mixed regulatory landscape is contributing to market chaos, as some regions push for development while others impose strict bans [12] Technological Concerns - Advances in quantum computing pose potential risks to Bitcoin's security, although the network has not yet been compromised [13] - Historical precedents of asset price collapses highlight the significant impact of market sentiment and liquidity on prices, but Bitcoin's reliance on global consensus and computational power makes its complete disappearance unlikely [13] Resilience of Bitcoin - Despite numerous predictions of its demise, Bitcoin has shown resilience and the ability to rebound, indicating a potential for new price equilibrium through miner cost adjustments and network difficulty mechanisms [15]