Major cryptocurrencies fell sharply after a red day across broader markets, with Bitcoin dropping below $88,000 and more than $1 billion in long positions liquidated. The selloff came alongside several policy and institutional developments, including Coinbase’s Davos lobbying push, Delaware Life’s Bitcoin-linked annuity exposure, and Trump Media’s planned shareholder token airdrop.
Major cryptocurrencies fell sharply after a red day across broader markets, with Bitcoin dropping below $88,000 and more than $1 billion in long positions liquidated. The selloff came alongside several policy and institutional developments, including Coinbase’s Davos lobbying push, Delaware Life’s Bitcoin-linked annuity exposure, and Trump Media’s planned shareholder token airdrop.
Crypto markets moved lower after a broad risk-off session, with Bitcoin down 3% at $88,200, Ethereum falling 6% to $2,905, Solana slipping 2% to $127, and XRP down 2% at $1.88. Selling pressure pushed Bitcoin and Solana below key technical support levels, while more than $1 billion in long positions were liquidated during Bitcoin’s move below $88,000. MYX and ZRO were among the few top movers in positive territory, rising 11% and 10%, respectively.
Crypto markets moved lower after a broad risk-off session, with Bitcoin down 3% at $88,200, Ethereum falling 6% to $2,905, Solana slipping 2% to $127, and XRP down 2% at $1.88. Selling pressure pushed Bitcoin and Solana below key technical support levels, while more than $1 billion in long positions were liquidated during Bitcoin’s move below $88,000. MYX and ZRO were among the few top movers in positive territory, rising 11% and 10%, respectively.
The decline matters because it shows how quickly leveraged crypto exposure can unwind when major assets lose technical support. Large liquidations can add pressure to already falling markets, while weakness across Bitcoin, Ethereum, Solana, and XRP suggests the selloff was not limited to a single token or sector.
At the same time, traditional finance continued to edge closer to Bitcoin products. Delaware Life added Bitcoin exposure to a fixed indexed annuity by linking performance to BlackRock’s spot Bitcoin ETF, a move described in the source material as one of the first major efforts to expand crypto access within traditional insurance products.
Policy and regulation remained central themes. Coinbase CEO Brian Armstrong traveled to Davos to advocate for a “win-win” U.S. crypto market structure bill, while the CFTC warned it is not fully prepared to assume a wider crypto oversight role due to staffing constraints after an approximately 21.5% workforce reduction. In Portugal, the country’s gambling regulator blocked access to Polymarket over unlicensed gambling concerns, adding to scrutiny around prediction markets.
Other company and political crypto developments also surfaced. Trump Media announced plans to airdrop crypto tokens to shareholders in February, tying an onchain incentive directly to equity ownership for the first time. Galaxy Digital announced plans for a $100 million hedge fund focused on crypto and fintech, while World Liberty Fi announced its first annual forum at Mar-a-Lago on February 18.
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