Bitcoin Loses Half of It's Value

Friday, February 06, 2026

Bitcoin is acting weird. The world's most famous cryptocurrency has now lost half its value from its October peak, falling below $63,000 Thursday for the first time in 16 months.

Posted by LegallyYourDead at 08:30 PM | 33 COMMENTS | permalink | Comment on This Entry |

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The average cost to mine a single Bitcoin is now over $90,000. The price of Bitcoin has collapsed to $67,000. Everyone mining Bitcoin at the moment is losing a fortune.

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-- Jake Broe (@realjakebroe.bsky.social) Feb 5, 2026 at 12:33 PM

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Yeah.

The question I'm hearing is along the lines of ... has the dump of Bitcoin just begun, or is it over?

Currently, I'm leaning towards the former.

#1 | Posted by LampLighter at 2026-02-05 08:43 PM | Reply

One view ...

Michael Burry Warns of Cascading Effects From Bitcoin Plunge
finance.yahoo.com

... Michael Burry, who rose to prominence for his wager against the US housing market ahead of the 2008 financial crisis, warned that Bitcoin's plunge could deepen into a self-reinforcing "death spiral," inflicting lasting damage on companies that have spent the past year stockpiling the token.

In a Substack post Monday, Burry argued that the original cryptocurrency, which has fallen 40% since peaking in October, has been exposed as a purely speculative asset, failing to take off as a debasement hedge similar to precious metals. Further losses, he said, could rapidly strain the balance sheets of major holders, force selling across the crypto ecosystem and trigger widespread value destruction. ...

#2 | Posted by LampLighter at 2026-02-05 08:48 PM | Reply

"So now would be a logical time for a safe haven to surge.

Geopolitics have gotten spicy this year:

President Donald Trump is threatening to attack Iran after the United States removed the leader of Venezuela.

The US president has recently been going after allies in Europe and Canada over Greenland, and he's threatening higher tariffs on South Korea."

Good article.

;;

Uncle Scrooge Donald is manipulating the market as well as he can to enrich the Trump Crime Family.

But... he's terribly erratic and incredibly incompetent (and incontinent!), so he could lose it all like it was several casinos.

#3 | Posted by Corky at 2026-02-05 08:51 PM | Reply

""So now would be a logical time for a safe haven to surge."

How is bitcoin a safe haven when it requires the internet to work, and it doesn't even have residual industrial or clear aesthetic value, like gold?

Pssst. wanna buy some prime numbers?

#4 | Posted by snoofy at 2026-02-05 09:09 PM | Reply

Bitcoin Loses Half Of It's Value

It's because of risks like these that I invested my money in tulip bulbs.

Tulip mania was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels. The major acceleration started in 1634 and then dramatically collapsed in February 1637. It is generally considered to have been the first recorded speculative bubble or asset bubble in history. The term tulip mania is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values.
en.wikipedia.org

#5 | Posted by censored at 2026-02-05 09:29 PM | Reply

Comrade Boazo just lost the doublewide because of this.

#6 | Posted by a_monson at 2026-02-06 12:50 AM | Reply

How is bitcoin a safe haven when it requires the internet to work, and it doesn't even have residual industrial or clear aesthetic value, like gold?
- snoofy

The aesthetic value doesn't match the financial value.

Some one mentioned this interesting idea, that New York financial wizards capture and destroy the "value" of everything through fractional ownership.

Across all financial commodities we aren't paying the for the value of the commodity, just it's manipulation.

Housing, Gold, silver all suffer from fractional ownership through derivatives.

Bitcoin at one time had scarcity, but no longer, now it's all EFT, derivatives so now the price floats irrespective of the "asset".

No price is real.

Thought it an interesting idea

#7 | Posted by oneironaut at 2026-02-06 01:08 AM | Reply

Still not as bad as Melaniacoin which lost 99%

#8 | Posted by Nixon at 2026-02-06 12:03 PM | Reply | Newsworthy 1

Dumbass Fake ----- Knows Zero About Finance

#9 | Posted by LegallyYourDead at 2026-02-06 12:08 PM | Reply

Bitcoin is losing value?

Is this linked to the ransom in the news?

#10 | Posted by Petrous at 2026-02-06 12:25 PM | Reply

Bitcoin is losing value?
Is this linked to the ransom in the news?
#10 | Posted by Petrous

You're live blogging your sundowning?

#11 | Posted by snoofy at 2026-02-06 12:27 PM | Reply | Funny: 2 | Newsworthy 1

One thing you can always spot when an investment has peaked is the radio and tv ads pushing it onto the general public.

The pattern is predictable as soon as the easy money is made, they start pumping it for people to buy it in their IRA's

Oil in 2005

Gold in 2011

Bitcoin in 2025

#12 | Posted by Nixon at 2026-02-06 01:32 PM | Reply

Don't Be A Coward! THROW YOUR MONEY AWAY!!

#13 | Posted by LegallyYourDead at 2026-02-06 07:27 PM | Reply

Although gold in 2011....

#14 | Posted by LegallyYourDead at 2026-02-06 07:27 PM | Reply

> Still not as bad as Melaniacoin which lost 99%
> #8 | Posted by Nixon

Dumbass Fake ----- Knows Zero About Finance
#9 | Posted by LegallyYourDead

I wouldn't go that far. She traded her often-rented, well-used lower body parts for a solid chunk of whatever Donald Trump has in the bank.

Did pretty well for herself, just like all of Trump's illegal immigrant mail-order brides from sheethole countries.

#15 | Posted by censored at 2026-02-06 08:43 PM | Reply | Funny: 1

DOW 50,000

#16 | Posted by Petrous at 2026-02-06 09:06 PM | Reply

Layoffs in January were the highest to start a year since 2009, Challenger says

Wow!

#17 | Posted by reinheitsgebot at 2026-02-06 10:02 PM | Reply | Newsworthy 1

Bitcoin hasn't lost half its value. It's real value is zero. Just like the USD.

#18 | Posted by visitor_ at 2026-02-06 11:27 PM | Reply

Like all your posts, wetbrain

#19 | Posted by LegallyYourDead at 2026-02-06 11:42 PM | Reply

... radio and tv ads ...

A you problem. I avoid any advertising in any way I can. Including turning it off and walking out. Whatever, I don't care what they have to say.

#20 | Posted by et_al at 2026-02-07 12:16 AM | Reply

Good news if you are in the market for a good used GPU.

#21 | Posted by visitor_ at 2026-02-07 01:43 AM | Reply

I avoid any advertising in any way I can.
#20 | Posted by et_al

I watch a lot of online content. There's ads for TurboTax everywhere.
This is highly targeted advertising.
I bought TurboTax.
After I bought TurboTax, I still keep seeing TurboTax ads.

Intuit business model depends on the tax code being so complicated that we all have to either buy TurboTax or pay a tax professional even more money just because we made money.

We're getting into the horseshoe theory of politics, like when Tom Hanks when on SNL as the proto-MAGA Jeopardy Contestant.

#22 | Posted by snoofy at 2026-02-07 01:46 AM | Reply

Try AdBlock Plus and Ghostery. When a site denies access because of that I exit a won't go back. Like I said, I avoid ads any way I can.

#23 | Posted by et_al at 2026-02-07 05:18 AM | Reply

How many more times do I have to write this? Cryptocurrencies are vehicles for criminal activity and naked speculation only, nothing more or less. Cryptocurrencies are NOT an investment. All those who have bought into crypto will lose their money sooner or later ...

#24 | Posted by catdog at 2026-02-07 08:52 AM | Reply

Ironic when something worthless uses half its value.
What is bit coin but a way to use up fossil fuel for no tangible benefit? Yay humanity!! Woohoo!

#25 | Posted by RightisTrite at 2026-02-07 09:04 AM | Reply | Newsworthy 1

Strictly a speculative investment, buying in the hopes that it goes up - nothing tangible backs it as all it is: Ones and zeros.

Precious metals {gold, platinum, silver palladium, etc.} may rise, or fall, but they will never be worth nothing.

#26 | Posted by MSgt at 2026-02-07 09:24 AM | Reply

#26 What's tastier?

An amount of gold too heavy to carry; or,

A freshly-baked loaf of bread that you have to walk 10 miles, round trip, to trade with your chicken?

#27 | Posted by A_Friend at 2026-02-07 09:39 AM | Reply

Warren Buffet on why crypto = the Greater Fool Theory: www.youtube.com (56 seconds)

#28 | Posted by censored at 2026-02-07 10:45 AM | Reply

Gee, who coulda seen that coming?
www.youtube.com

#29 | Posted by morris at 2026-02-07 12:01 PM | Reply

This is said during any big market downturn. Zoom out and it's still up 6X from where it was 6 years ago. Its peaks in 2021 are now it's lows. I only have about $600 in bitcoin and of course right before the crash. However, I have to admit it's still going strong.

It had a crash back in late 2017, going from $20,000 and losing more than 50% of it's value. In early 2019, it was down to $3400. Here we are talking about how bad it is at $63,000 in early 2026.

#30 | Posted by Pirate at 2026-02-07 12:18 PM | Reply

I have always considered bitcoin about as sure of a bet in a casimo. I personally know people who lost hige amounts of money on bitcoin but I learned to Instead I mourn their losses with them silently.mind my own business and do not offer opinions any more. It never did any good any way and when they lose I make it a point to nrver ever remind them about what I had told them. .Instead, I mourn their losses along with them and never remind them that I said anything. That would be the last thing they need to hear. Unfortunately I've seen it happen too many times. It ought to be called gambling because that;s what it is and like casinos, the house always wins,

#31 | Posted by danni at 2026-02-07 12:37 PM | Reply

I made a few bucks trading crypto but I wouldn't recommend it.

Bitcoin is tanking because Bitcoin uses the same infrastructure (data centers) and same raw materials (electricity) that AI uses.

And institutional investment money is flowing heavily into AI. So this is nothing more than investors chasing ROI.

AI is the new shiny thing. Bitcoin is supposed to have morphed into a "store of value" which is as old and boring as gold. Worse, unlike gold you can't use bitcoin when the electricity goes out and the internet goes down, so it's not even as attractive as gold.

#32 | Posted by snoofy at 2026-02-07 10:05 PM | Reply

The crypto I made money on is called Zcash. It allows buyers and sellers to exchange tokens anonymously on the blockchain, which would obviously help in delivering the "true promise" of crypto by allowing us to do business behind the taxman's back. There is at least one other crypto that uses the same underlying zk-SNARK technology called Horizen.

"zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) are cryptographic proofs that allow one party to prove knowledge of a secret without revealing the secret itself." This means I can verify your crypto and you can verify mine, without revealing e.g. how much we traded, and who we are.
www.gemini.com

#33 | Posted by snoofy at 2026-02-07 10:19 PM | Reply