Crypto Today: Bitcoin Struggles Below $70K, Massive Bithumb Mistake & Bearish Sentiment Persists

1. Bitcoin Trades Below $70,000 Amid Ongoing Volatility

Bitcoin dipped below $70,000 again after a turbulent start to the week, with price action showing continued caution among traders. The broader market cap has held at roughly $2.3–$2.4 trillion, reflecting waning momentum and persistent bearish sentiment across major digital assets. Ethereum and other large altcoins remain pressured with range-bound or downward moves.
📎 Source: Crypto Today / FXStreet market report — BTC under pressure around $69K
https://www.fxstreet.com/cryptocurrencies/news/crypto-today-crypto-market-holds-24-trillion-as-bearish-sentiment-persists-around-bitcoin-ethereum-xrp-202602101200?utm_source=chatgpt.com

2. Bithumb Scrambles to Reverse $40 B Crypto Giveaway Error

South Korea’s second-largest exchange Bithumb mistakenly distributed 620,000 BTC (~$40 billion) instead of a small promotional reward due to a staff input error — a misstep that briefly shook Bitcoin markets and drew regulatory scrutiny. While most of the funds have been reclaimed internally, an estimated $9 million worth of bitcoin has yet to be recovered after some recipients sold or withdrew assets. South Korean financial authorities have launched an investigation.
📎 Source: The Guardian — Bithumb error recovery efforts
https://www.theguardian.com/world/2026/feb/10/bithumb-korean-crypto-exchange-sent-bitcoin-mistake?utm_source=chatgpt.com

3. Broader Bearish Macro and Sentiment Headwinds

Market commentary continues to lean bearish. A Barron’s report noted that Bitcoin’s slide below $70,000 — the second dip in 24 hours — reflects market nervousness and technical selling pressures, with analysts warning of potential retests of lower support if sentiment doesn’t improve. Investors are watching macro cues and risk assets as drivers of crypto direction.
📎 Source: Barron’s — BTC slips back below $70K
https://www.barrons.com/articles/bitcoin-price-crypto-xrp-9ee39189?utm_source=chatgpt.com

4. Market Volume Declines as Caution Takes Hold

Trading activity has shrunk significantly, with reported 24-hour global crypto volume contracting sharply. This decline in market activity suggests reduced trader participation and heightened caution during a corrective phase following recent price swings. Some analysts view muted volume as a sign that participants are waiting on external catalysts before committing capital again.
📎 Source: The Economic Times — low volume & price context
https://m.economictimes.com/markets/cryptocurrency/bitcoin-hovers-near-69700-as-market-volume-shrinks-to-111-billion-what-experts-say/articleshow/128144413.cms?utm_source=chatgpt.com

Takeaway

Today’s crypto landscape feels cautious and uneasy. Bitcoin’s inability to hold above $70K, a high-profile operational misstep at Bithumb, and shrinking trading volume paint a picture of market participants sitting back as they reassess risk. Until a catalyst — like macro data, regulatory clarity, or renewed ETF inflows — emerges, expect continued volatility and range trading rather than decisive directional rallies.