Bitcoin fell over 3% to $76,282 amid gold and silver price crashes as geopolitical tensions rise.
Ethereum plunged nearly 8%. Solana, XRP and BNB, the world’s top altcoins by market cap, dipped over 3%.
US sanctions on two UK crypto exchanges, worsening US-Iran war tensions and Solana’s $30 million hack makes investors cautious.
Crypto prices today, on the first Monday of February 2026 (February 2) saw sharp corrections. Bitcoin has crashed below the key support level of $80,000 to trade at $76,282 at press time. Ethereum and the world's top ten coins have followed suit, all trading in a red zone today.
Ongoing regulatory challenges in the US and India, growing war tensions and the latest SOL hack have all dampened investor sentiment. The global market cap decreased 4.65% to $2.54 trillion. Here’s what happened in the crypto market today based on CoinMarketCap data.
Bitcoin crashed 3.29% in the last 24 hours to $76,282.57, BTC was trading at a market cap of $1.52 trillion at the time of writing. Its trading volume hit $62.7 billion as investors cut back on leveraged positions. Bitcoin's decline is setting the tone for crypto prices today, highlighting the cracks in the recent market boom.
CoinSwitch Markets Desk commented, “BTC fell sharply due to a combination of thin weekend liquidity, heightened geopolitical risk, and excessive leverage in the market. Risk sentiment deteriorated after reports of an explosion at Iran’s Bandar Abbas port, pushing investors away from risk assets. As BTC slipped below the $80,000 psychological and technical level, heavy leveraged long positions were forced to unwind, triggering a rapid liquidation cascade. Nearly $1 billion in long positions were wiped out in minutes, accelerating the decline in illiquid conditions.”
“The move was further amplified by shallow order books, causing price to gap lower rather than fall gradually. After this leverage-driven sell-off, BTC is attempting to stabilize in the $75,000–$77,000 zone, where most liquidations have cleared. If this support holds, selling pressure may ease and price could range or recover gradually, with $80,000 as the first resistance. A loss of $75,000 could open downside toward $72,000–$70,000.”
Ethereum price plunged 7.78% over the past day, falling to $2,256.39. ETH has a market cap of $272.3 billion and daily trading volume over $47.4 billion, bceoming one of the worst hit crypto prices today. The huge selloff of world’s second-largest crypto by market cap suggests growing fear among traders in the broader altcoin market.
Solana price dropped 3.72% to $101.17, amid a major hack. SOL was trading in the $140-$145 range just weeks ago before the major collapse began. Stablecoins traded flat. Tether (USDT) was at $0.9989 and USDC at $0.9996, offering stability as safe havens during the market downturn.
XRP price fell 4.29% to $1.59, shedding value from its market cap of $96.8 billion. BNB price declined 3.17% to $757.43, while Cardano price was down 2.68% to $0.2883. Dogecoin and TRON showed some resilience among crypto prices today. DOGE slipped just 0.48% to $0.1045 and TRON decreased 1.11% to $0.2832.
Also Read: Analysts Weigh Coinbase and Gemini Strategy Shift Beyond Spot Trading
Here are the top headlines impacting crypto prices today.
US CLARITY Act delays as a standoff between Coinbase and traditional banks continues. White house has now stepped in to sort out the issue and accelerate the passing of the bill. The landmark legislation would establish clear regulatory rules for crypto markets in the US.
White House crypto czar David Sacks is hosting key negotiations on February 2 between banking groups, crypto firms, and Coinbase. The dispute centers on whether crypto platforms should pay customers interest on stablecoin balances. Banks have argued that this arrangement would resemble deposit services without proper oversight.
The Senate Agriculture Committee passed part of the bill with a narrow 12-11 vote, raising serious concerns about its future. Analysts believe the bill needs support from at least 10 Democrat lawmakers to pass. Coinbase CEO Brian Armstrong rejected earlier drafts, stating there are ‘too many issues’ including amendments that ‘would kill rewards on stablecoins.’
The US Treasury sanctioned two UK-registered crypto exchanges, Zedcex and Zedxion. The sanction was for processing nearly $1 billion in transactions linked to Iran's Islamic Revolutionary Guard Corps. This is the first time entire crypto platforms have been blacklisted under Iran-specific sanctions. The news comes as US-Iran war tensions rise, making investors wary.
The exchanges reportedly processed over $94 billion in total transactions. More than half of these transfers were linked to IRGC-associated entities in 2023. The Treasury alleges the platforms helped Iran bypass sanctions using Tether on the Tron network.
Crypto news today regarding a security breach at Step Finance shocked the digital asset world. According to reports, approximately $30 million in SOL was stolen from treasury wallets. Around 261,854 SOL tokens were moved quickly, raising concerns about internal access rather than just automated hacking.
While Step Finance confirmed user funds were safe, the incident hurt confidence in Solana's DeFi ecosystem. This security scare triggered forced selling as traders rushed to reduce risk, explaining why Solana price continues falling despite being down from the $140-$145 range just weeks ago. The breach shows vulnerabilities in DeFi treasury management and is keeping pressure on SOL prices.
India’s Union Budget 2026 reinforced stricter compliance, reporting standards, and accountability for crypto-asset transactions. Thus, aligning them more closely with traditional financial systems.
Raj Karkara, COO, ZebPay noted, “The Union Budget 2026 sends a clear and constructive signal for India’s crypto ecosystem by reinforcing the importance of accurate and timely reporting of crypto-asset transactions. By introducing well-defined measures to address non-compliance, the Budget strengthens accountability while bringing digital asset reporting closer in line with established financial standards. Importantly, I believe this CLARITY enables exchanges and market participants to build compliance frameworks with greater confidence and operational certainty.”
The COO of ZebPay further added, “Previously, the Financial Intelligence Unit-India (FIU-IND) updated its AML and CFT guidelines in January 2026, classifying crypto exchanges and VDA service providers as Reporting Entities under the PMLA. Taken together, these measures reflect a cohesive regulatory direction that builds trust, enhances accountability, and supports the long-term, responsible growth of the digital asset industry in India.”
Broader market chaos in commodities is also dragging down crypto sentiment. Silver plunged another 5% after January 30’s catastrophic 30% crash, while gold suffered its steepest daily fall since 1983. Oil dropped nearly 3% after Trump suggested Iran was ‘seriously talking’ with Washington about negotiations.
These traditional market selloffs are impacting crypto prices today as investors dump risk assets across all classes. The dollar remained firm after Trump nominated Kevin Warsh as the next Federal Reserve chair, a pick viewed as potentially less supportive of rapid rate cuts, which typically hurts speculative assets like crypto.
Crypto prices today showed broader market turmoil. The CLARITY Act stalemate and aggressive US sanctions are shaking investor confidence. Meanwhile technical damage from the wipeout in Bitcoin’s leveraged position could trigger additional selling. Until regulatory CLARITY emerges and security concerns ease, crypto prices may continue to struggle.
Also Read: South Korea Lifts Corporate Crypto Access, Weighs Exchange Ownership Limit
1. Why did Bitcoin crash?
Bitcoin's price fell as traders responded to stalled crypto regulatory discussions in the US and broader market weakness. Selling increased when investors became cautious after sanctions on crypto exchanges and after major declines in global commodity prices. A stronger dollar and lower expectations for quick interest rate cuts also put pressure on Bitcoin's price.
2. Why is Ethereum price dropping more than Bitcoin's today?
Ethereum's price is dropping faster because traders tend to sell altcoins first when the market is stressed. Regulatory uncertainty, less risk-taking, and heavy selling of altcoins caused ETH to drop more sharply than Bitcoin. Ethereum's involvement in DeFi and speculative trading made it more vulnerable during the selloff.
3. Why is crypto market down today?
Crypto market is down because of regulatory delays in the US, sanctions on crypto exchanges, and a big security problem. Weaknesses in the metals and oil markets also led investors to avoid risky assets like crypto. These things together started a broad move away from risk in global financial markets.
4. How are US regulations affecting crypto prices?
Delays in the CLARITY Act are hurting investor confidence. Traders worry that unclear rules for stablecoins could slow adoption, so many are reducing their positions until the rules become clearer. Ongoing disagreements between banks and crypto companies are also creating uncertainty in the market.
5. How is Solana performing today?
Solana is facing pressure after a $30 million hack at Step Finance caused security worries. Even though user funds were safe, the breach eroded trust in Solana's DeFi system and triggered heavy selling. Investors remain cautious about platform security, which continues to put downward pressure on SOL's price.
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