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How Bitcoin’s Volatility Is Testing Crypto’s Appeal

Bitcoin dropped as low as $60,000 at one point on Feb. 6, representing a drop of more than 50% from its record-high level of $126,251 reached four months earlier.Photographer: Camilo Freedman/Bloomberg

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By Emily Nicolle

February 6, 2026 at 9:26 PM UTC

Bitcoin’s volatile start to 2026 saw the world’s largest cryptocurrency tumble at one point to its lowest level in over a year, wiping out the gains it had made since Donald Trump’s return to the Oval Office.

The downturn extended a slide that began in October, after the digital asset had been propelled higher for much of 2025 by the US president’s pro-crypto agenda. Growing geopolitical tensions and their impact on financial markets has curbed the appetite of risk-taking investors, aiding haven assets such as gold to the detriment of Bitcoin.