Bitcoin and the wider cryptocurrency market started Friday on the back foot, with most major tokens posting 24-hour losses as traders de-risked alongside equities following a post-earnings pullback in Nvidia.
At the time of writing, Bitcoin was trading around $67,766, down 1.5% for the day but still holding a 0.6% gain for the week. Ethereum mirrored the move, falling 1.5% to just above $2,047. Both remain confined to the range set after the Feb. 5 crash, with Wednesday’s push toward $70,000 marking the upper boundary and this week’s lows near the midpoint.
Analysts view the decline as more of a leverage flush than a structural reversal. Hourly charts showed green Friday morning, indicating that much of the overnight selling has already been absorbed by buyers.
“What we’re seeing is Bitcoin moving with broader risk assets,” said Daniel Reis-Faria, CEO of ZeroStack. “Nasdaq pulled back after Nvidia earnings, and crypto followed. Bitcoin spiked toward $70,000, and when equity momentum stalls, the fast money unwinds just as quickly in Bitcoin.”
Reis-Faria added that the drop is largely a positioning cleanup. “Leverage built up during the rally, and when stocks start selling off, crypto is usually the first place investors de-risk. Liquidity is tight, so volatility remains elevated.”
On the weekly view, the picture is healthier. Cardano led the major assets with a 7% gain over seven days, followed by Solana at 5.5%, Ethereum at 4.8%, and BNB at 4.3%, all outpacing Bitcoin and suggesting that altcoin demand remains intact beneath the short-term noise.
XRP was the exception, down 3.7% in 24 hours and slightly negative for the week at -0.1%, the only top asset to give back weekly gains despite facing the same macro headwinds as its peers.
Macro conditions also provide context. Asian equities are on track for their best February since 1998, with South Korean tech stocks up roughly 20% this month amid strong rotation into AI infrastructure plays. The MSCI Asia Pacific Index is set to outperform the S&P 500 for a third consecutive month, drawing capital away from U.S. markets.
“For crypto, the story hasn’t changed,” Reis-Faria said. “We’re still trading in the same range. Until consistent new demand appears, these back-and-forth moves will continue. Bitcoin trades like a macro asset — when equities pull back, Bitcoin pulls back too.”
