Crypto Market News Today, February 2: Manic Monday? Crypto Messed Up, Liquidation Hit Record, Ether USD Risks Falling Below $2K

Ben Graham · February 2

Is this just another manic Monday? Crypto today is far from a routine, market wobble, everyone pretending this was part of the plan, and bullish news everywhere still. From record-breaking crypto liquidation and some calling off the incoming supercycle, February opened with all the subtlety of a margin call at 3 a.m.

As crypto liquidation stacks up and Ether USD flirts with a psychological cliff, traditional safe havens have started a bad downtrend, too. Gold faceplanted, dropping 4.5% today alone and more than 17% from its all-time high just a few days ago. Gold is now sitting at $4,600 level per ounce, wiping close to $2 trillion off its implied market cap today.

I mean, if an asset that’s been worshipped since Roman times can slide that hard, what’s going to happen to crypto? Or is this just another manic Monday?

Crypto News Today Highlight: Record Crypto Liquidation

The numbers are ugly, even by crypto standards. Crypto liquidation peaked at $2.56 billion on January 31, ranking as the tenth-largest wipeout day in history. Long positions absorbed nearly all the damage, with about $2.41 billion erased as overleveraged bets met reality. These are 10 of the biggest liquidation days in crypto history:

October 10, 2025 ($19.16 Billion): The largest liquidation in history, triggered by U.S. tariffs on China (100%). Over 1.6 million traders were liquidated as Bitcoin flash-crashed briefly toward $14,500.
April 18, 2021 ($9.94 Billion): Fueled by rumors of a US AML crackdown and a power outage-induced mining ban in China.
May 19, 2021 ($9.01 Billion): A “black swan” event following Tesla’s cancellation of BTC payments and China’s reinforced crypto ban.
February 22, 2021 ($4.10 Billion): A sharp correction after a prolonged overheated uptrend in the early 2021 bull market.
September 7, 2021 ($3.65 Billion): Occurred on the day El Salvador adopted Bitcoin as legal tender; a “sell-the-news” event that led to a massive dump.
September 22, 2025 ($3.62 Billion): A major flush of over-leveraged long positions following a shift in global macro signals.
February 23, 2021 ($3.15 Billion): Triggered after U.S. Treasury Secretary Janet Yellen criticized Bitcoin as “extremely inefficient”.
April 23, 2021 ($2.92 Billion): Driven by concerns over a proposed increase in U.S. capital gains tax.
April 16, 2021 ($2.77 Billion): Resulted from Turkey banning the use of cryptocurrencies for payments.
January 31 – February 1, 2026 (~$2.5 Billion): A recent major crash where Bitcoin fell to $77,000, causing a $2.5 billion wipeout across Bitcoin, Ethereum, and XRP.

slid to around $76,000, down 3% in a single market opening. fared worse, tumbling over 22% in a week to roughly $2,200 as we watch $215 million in long liquidations roll in. dropped more than 5% today, slipping under $100 with another $36 million flushed out. followed along, and Im stopping here.

(source – CoinGecko)

About $200 billion has been liquidated in the last two weeks, making the opening stretch of 2026 very ugly. Forget the news, the crypto total market cap has shrunk by $800 billion from October highs to today, but the chart shows a possible bottom, just like what we have seen in 2022. They are oddly similar.

(source – Total Crypto MarketCap, TradingView)

DISCOVER: 10+ Next Crypto to 100X In 2026

Drama, Drama, Drama

As if the price action wasn’t enough, crypto also delivered a fresh batch of news and drama today. OKX’s CEO accused Binance of contributing to the October 2025 crash via a 12% APY USDe promotion that encouraged leverage loops. According to the claim, risky collateral was treated like a seatbelt, turning a tariff shock into nearly $19 billion in cascading crypto liquidation.

No complexity. No accident.
10/10 was caused by irresponsible marketing campaigns by certain companies.

On October 10, tens of billions of dollars were liquidated. As CEO of OKX, we observed clearly that the crypto market’s microstructure fundamentally changed after that day.… pic.twitter.com/N1VlY4F7rt

— Star (@star_okx) January 31, 2026

Elsewhere, Justin Sun is facing allegations from a self-described former lover. She claims coordinated TRX manipulation through multiple Binance accounts. Screenshots, chat logs, and testimony have reportedly been offered to regulators. Whether substantiated or not, the steamy story added gasoline to an already nervous market.

I was Justin’s girlfriend during the early stages of his entrepreneurship with TRX.
I am in possession of evidence showing that he used the identities and mobile phones of multiple employees to register numerous Binance accounts, through which he conducted coordinated buying and… https://t.co/u38AHSVC8A

— 曾颖 (@tenten19901107) February 1, 2026

Michael Saylor also resurfaced in unrelated Epstein email disclosures, described unflatteringly by publicist Peggy Siegel. While not directly market-moving, it’s a drama worth mentioning. And we also love Saylor.

Epstein’s PR chic Peggy couldn’t figure out how to social engineer Saylor so she dubbed him a “creep” “zombie on drugs” anti-social and she had “run away from him.”

Listen Peggy. Saylor is on a mission. Steadfast, focused on $BTC. he’s not falling for this pedo BS. pic.twitter.com/Q6SIRry5Dp

— S (@0xSaliha) February 1, 2026

What’s Next? Expectation?

Ether USD looks ok-ish. The daily RSI sits near 32, oversold territory coming, while MACD remains firmly bearish. Support around $2,200 is now doing heavy lifting, but a clean break could drag Ether USD toward the $2,000 mark.

Bitcoin’s RSI, on the other hand, is near 35, with resistance around $80,000 and support closer to $70,000. Dominance has crept up closer to 60% than ever as altcoins bleed. The Fear and Greed Index plunged to 14, signaling extreme fear, although historically, this is a zone where markets stabilize.

Crypto Fear and Greed Chart

All time 1y 1m 1w 24h

Crypto today offers two paths: a consolidation if supports hold, or deeper pain if bad news keeps coming. But if history is any guide, recoveries often follow moments like this. Liquidation numbers have bumped because there is more money in the industry, and Bitcoin has done more than 5X since its 2022 low to the ATH. It’s not all doom, but liquidation waves have proved, hope without risk management is just leverage in disguise.

Have to catch an early train, got to be to work by nine, and if I had an aeroplane, I still couldn’t make it on time. Just another manic Monday. Maybe.

DISCOVER:

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