Japanese Prime Minister Sanae Takaichi's election victory sends traditional and crypto markets soaring. Bitcoin briefly touched $72,000 on the news.
Tom Lee’s BitMine acquired another 20,000 ETH ($41.98 million) on February 7, reflecting confidence in the coin’s performance.
Upcoming US regulatory developments, including the Federal Reserve’s $8.3 billion liquidity injection scheduled for February 10th, make investors wary.
Crypto prices today show signs of recovery. The winter jitters seem to be subsiding with bulls taking over the reins today, on February 9. Bitcoin has reclaimed the $70,000 levels. Altcoins are on the rise, and Cardano continues to struggle to make its way in the world’s top ten cryptocurrencies by market cap.
Japan's election results have renewed investor confidence and sparked a rally in stocks and the crypto market. The global market cap has rebounded to $2.41 trillion, up by 1.82% at press time. Here is what happened in the crypto market today based on CoinMarketCap data.
Bitcoin price jumped 2.46% in the last 24 hours to reach $70,919, briefly touching $72,000 during Asian trading hours before settling back. The world's largest cryptocurrency has gained nearly 7% over the past week, showing strong momentum as investors return to risk assets.
Earlier in the week, Bitcoin was trading around the $71,000 level as it recovered from oversold conditions. The current rally marks a significant turnaround from the extreme fear that gripped markets just days ago.
CoinSwitch Markets Desk commented, “BTC is currently consolidating in the $70,000–$72,000 range, dipping to around $62,500 on February 6. The sharp sell-off flushed a large portion of leveraged long positions and eased downside pressure. As forced selling faded, dip buyers entered, triggering a rebound.”
CoinSwitch analysts further explained, “Once downside selling pressure was cleared, BTC was able to move higher into areas where many short positions were concentrated between $66,000 and $70,000. As BTC traded through these levels, successive short liquidations generated forced buying, driving an upside cascade. Near term, resistance lies at $72,000–$73,500, with scope toward $75,000 if momentum holds. On the downside, $68,000–$69,000 acts as initial support, with a deeper liquidity pocket around $65,000–$66,000.”
Ethereum price gained 0.37% over 24 hours, trading at $2,086. ETH, however, has faced pressure over the past month, dropping roughly 31% from recent highs. The token was trading as low as $1,824 last week, its lowest point since May 2025.
Solana was up 0.36% at $87.46. SOL has been one of the better performers recently with a weekly gain of over 13%. XRP price climbed 1.86% to reach $1.44, continuing its positive trend with a 9% weekly increase.
BNB soared 0.05% to trade at $642.18, and TRON rose 0.86% to $0.2789. Bitcoin Cash increased 1.44% to $528.65. The coin has secured the tenth spot in the world’s top ten cryptocurrencies by market cap. Cardano seems to be settling in at the eleventh spot with a surge of 0.44% to $0.2720 at press time.
Dogecoin slipped 0.30% to $0.09678, one of the few major coins in the red zone today. Stablecoins showed minimal fluctuations. Tether was trading at $0.9992, and USDC was down 0.06% at $0.9994, both trading slightly below their $1 peg.
Here are the top global cues impacting crypto prices today.
Prime Minister Sanae Takaichi secured a landslide victory in the February 8th snap parliamentary elections. Her Liberal Democratic Party won between 274 and 326 seats in the lower house. It is by far the largest post-war electoral margin for any Japanese party.
Markets reacted swiftly to what traders are calling the ‘Takaichi Trade.’ The dollar/yen pair climbed 0.2% to 157, while the BTC/JPY trading pair surged nearly 5%. The hike showed strong investor confidence in the new government's pro-growth agenda.
Nikkei 225 stock index surged 3.4% to breach 57,000 for the first time, setting a new record. The political mandate signals support for Takaichi's aggressive $135 billion stimulus package. This includes infrastructure spending and tax cuts aimed at revitalizing Japan's economy.
Japan's election results sparked a global ripple effect beyond just crypto prices today. Gold prices surged past the $5,000 per ounce milestone, while US stock market futures opened higher. President Donald Trump and Treasury Secretary Scott Bessent both congratulated the Prime Minister, with Bessent calling the victory ‘historic.’
Also Read: Dogecoin News Today: Large DOGE Transfer to Robinhood Coincides With Dogecoin Price Stabilization
Why is the crypto market up today? The answer largely lies in expectations for crypto-friendly policy reforms in Japan. The country currently taxes crypto gains as miscellaneous income at rates up to 55%, one of the harshest tax regimes globally.
Takaichi's electoral mandate is seen as a green light to push through long-awaited crypto reforms. Under discussion for the fiscal year 2026 are measures that could reduce the crypto gains tax to around 20%. They may also allow loss carryforwards for three years, and reclassify certain digital assets as financial products.
Prime Minister Sanae Takaichi's pro-growth policies and willingness to work with crypto-friendly opposition parties like the Japan Innovation Party could finally push these reforms through by 2028.
The US Federal Reserve's $8.3 billion liquidity injection is scheduled for February 10. This stabilization move is designed to support financial markets that have been under pressure from recent volatility.
President Trump officially nominated Kevin Warsh to succeed Jerome Powell as Federal Reserve Chairman. If confirmed, this leadership change could affect future decisions on interest rates and inflation targets, which directly impact crypto prices and risk asset appetite.
However, uncertainty remains high as vital economic data, including inflation and employment figures, have been delayed following a US government shutdown. Polymarket data shows a 66% probability of a partial government shutdown by next week, which could further complicate the economic outlook.
BitMine, the largest corporate holder of Ethereum, acquired another 20,000 ETH worth $41.98 million on February 7. This purchase brings the firm's total holdings to 4.29 million ETH, representing over 70% of its goal to control 5% of Ethereum's total circulating supply.
BitMine Chairman Tom Lee defended the aggressive buying strategy despite Ethereum's 31% price drop over the past month. Lee argued that ‘Ethereum is the future of finance’ and dismissed current volatility as ‘a feature, not a bug.’ He noted that ETH has weathered drawdowns of 60% or worse on seven occasions since 2018.
The company has also been staking nearly 3 million ETH to generate yield and offset pressure from the current risk-off macro environment.
Crypto prices today showed that the market is entering a mature phase. The Japanese election results could be a turning point for crypto policy globally. Meanwhile, institutional players like BitMine continue accumulating despite short-term volatility, boosting investor sentiment. However, US Federal Reserve policy decisions and potential government shutdown risks are key factors that could influence market direction in the coming weeks.
Also Read: Bitcoin Price Slides as Derivatives Reshape Market Control: What's Next?
1. What is the Bitcoin price today?
Bitcoin is trading around $70,919 today, after briefly touching $72,000 during Asian trading hours. The world’s largest cryptocurrency has gained 2.46% in the last 24 hours and nearly 7% over the past week, as investors returned to risk assets following positive global and political developments.
2. Why is the crypto market up today?
The crypto market is up today mainly due to Japan’s historic election outcome, which boosted global risk sentiment. Investors are optimistic about potential crypto-friendly tax and regulatory reforms in Japan. Strong institutional buying, recovering market confidence, and expectations of policy support also helped lift overall crypto prices.
3. What is Takaichi Trade?
The Takaichi Trade refers to market moves triggered by Prime Minister Sanae Takaichi’s landslide election victory in Japan. Investors are buying assets expected to benefit from her pro-growth agenda, including stocks, Bitcoin, and the BTC/JPY pair. The trade reflects hopes for stimulus spending and crypto policy reforms.
4. Which cryptocurrencies to watch today?
Key cryptocurrencies to watch today include Bitcoin, which reclaimed $70,000; Ethereum, trading near $2,086 after recent pressure; XRP, which rose to $1.44 with strong weekly gains; and Solana, which has climbed over 13% this week. These assets are reacting strongly to macro and policy-driven news.
5. What is the latest crypto news?
The latest crypto news includes Bitcoin’s rally above $70,000, Japan’s election-driven market surge, and expectations of crypto tax reforms. Institutional activity also remains strong, with BitMine adding 20,000 ETH to its holdings. Additionally, upcoming US Federal Reserve liquidity moves are influencing market sentiment.
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